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By GRACE DOVE; Times Leader Community Reporter
Wednesday, August 11, 1999 Page: 3A
WILKES-BARRE- The City Council at Tuesday’s work session discussed
refinancing a bond on behalf of College Misericordia.
The city’s General Municipal Authority would finance the bond, which the
college would pay off. City Administrator Bill Brace said after the meeting he
did not know the amount of the bond, which would be used by the college to
improve the Banks Student Life Center on its Dallas Township campus.
The college also would use the money to pay off some of its existing debt
from 1991 and 1992.
“The Municipal Authority has done this in the past for our local colleges
and universities,” said Councilman Jim McCarthy after the meeting. “It
benefits everybody- College Misericordia serves the city, the county and
Northeastern Pennsylvania.”
Having the city back the college’s bonds would allow the college to take
advantage of lower rates and will save it several hundred thousand dollars. If
the college should fail to repay the bond- which has never happened at
Misericordia- the city still wouldn’t lose any money, McCarthy said.
The college will pay the authority about .6 percent of the bond amount in
return for backing it.
The council will vote Thursday on the proposal.
Also, the council will vote Thursday on the final reading of an ordinance
removing stop signs from the Pickering Street intersections with Birch and
Maffett streets. The signs, originally installed to slow down buses traveling
to and from the Martz bus garage in South Wilkes-Barre, were prompting the
buses to make more noise and pollution in the neighborhood. Council passed the
first reading 4-1 last month, with Councilman Phil McCabe voting against it.