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The original item was published from 11/15/2018 11:36:46 AM to 12/6/2018 6:30:12 PM.

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Cranberry Announcements

Posted on: November 15, 2018

[ARCHIVED] Authorization sought to borrow from new boutique bank

The Butler County Infrastructure Bank was created in 2017 to help communities in the County support economic development by financing transportation and water system improvements at below-market borrowing rates, subsidized by County income from Marcellus Shale gas fees. Last April, Cranberry submitted two funding applications to the bank, both of which were approved. One of them underwrites ten years of contractor costs for reinforcing the Township’s aging sewer lines. At its November 15 meeting, Cranberry’s Board of Supervisors authorized advertising an ordinance, to be formally adopted on December 6, that would permit the Township to borrow up to $7.6 million from the bank. A companion resolution approved funds for expenses related to development of the MSA Thruway project.

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