The Glade Township Supervisors have decided to go with who they know when it comes to financing their new township truck: themselves.
At their meeting Tuesday night, the supervisors voted to borrow up to $66,000 to supplement capital improvement funding for the truck. The lender will be the township.
After discussing their options, the supervisors opted to use money in capital reserve investments to meet the difference between the approximately $132,000 in capital improvement funds and the estimated $197,000 cost of the truck.
Compared to a three-year loan at three percent interest, which was the township's other option for funding, the move will save at least $3,000 in interest.
The supervisors said the money will be paid back with part of existing tax revenue usually appropriated to the capital improvement fund.
The supervisors also opened bids for gravel. Glenn O. Hawbaker, Inc., was awarded the bid at a cost of $9.11 per ton. The township will be purchasing 1,000 tons for a total cost of $9,110, which is $890 less than budgeted. The cost is a little more than a dollar higher per ton than last year. Other bids ranged as high as $21.85 per ton.
The supervisors were updated on the standing of the road maintenance budget. Not including the gravel purchase, the township has spent approximately $125,000 to date. The township had allotted $140,000 to last until receipt of September tax receipts. The year-to-date cost with gravel purchase is still approximately $7,000 under budget.
The supervisors approved a donation of $100 to the Knights of Columbus for the Coats for Kids program.