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May 6, 2014

Early repayment of loan pays off, Paint official says

— Paint Township has paid off a 2011 loan more than two years ahead of schedule, a move supervisors said will save the township more than $14,800 in interest.

The $27,239 loan’s payoff is just one step toward getting the township’s fiscal house in order, Supervisor Lewis Clark said. But it’s an important one nonetheless, he added, noting the monthly payments can now be directed to other debt, such as the $350,000 borrowed in January 2013 to correct years of deficit spending.

“This frees up nearly $500 a month we can focus toward other debt,” Clark said. “It’s nice to be able to get rid of some of that debt we owe and start to move on.”

The $27,239 loan was secured in November 2011 through First National Bank, the board said.

The loan was needed for furnishings for the Basin Drive township offices and parking lot work outside, Clark said.

He said the township’s original payoff date was in 2016.

The board instead used incoming 2014 tax revenue to make a final, lump payment.

Supervisors also shared a summary with township residents on their first quarter spending that showed the board is on-budget with their 2014 projections.

In other news:

Paint Township’s spring cleanup will be May 30, with permits available in the township office from Monday through May 29 at $45 per residence, the board said. Appliances, air conditioners and many other items are permitted for pickup. Televisions, tires, batteries, yard waste and hazardous materials are not eligible, the board said.

David Hurst covers Paint Township for The Tribune-Democrat. Follow him on Twitter at www.twitter.com/tddavidhurst.

 

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