WEST WYOMING – Borough council voted Friday to refinance the balance of a general obligation loan in the amount of $443,900.
The new note, with an interest rate of 2.89 percent, is through Franklin Security Bank and will pay off an unfunded loan, which was taken out to pay off debt in 2010 and had an interest rate of 3.89 percent, said council President Eileen Cipriani.
"This new loan will be paid off at the same time, but with a lower rate and lower payments," she said.
Also during the meeting, council awarded a contract for the Charney Park restoration project to Chilewki Enterprise, Fleetville, in the amount of $31,550. Chilewki and Strack Construction were the only bidders, with Chilewki submitting the lower of the two.
The project, which is in collaboration involving the borough, the recreation board and the Wyoming Rotary Club, is funded in part by a $60,000 state Department of Conservation and Natural Resources grant. The project includes new playground equipment and a handicapped-accessible walkway.