News & Announcements Home
The original item was published from 7/31/2015 9:26:00 AM to 8/28/2015 12:05:01 AM.

News & Announcements

Cranberry Announcements

Posted on: July 31, 2015

[ARCHIVED] Township issues bonds for treatment plant upgrade

An ordinance approving the Township’s issue of bonds to finance $32 million of the $49 million Brush Creek wastewater treatment plant renovation was formally adopted by Cranberry’s Board of Supervisors at its July 30 meeting. The bond sale, which actually began July 29, offered investors the additional assurance that comes with Cranberry’s newly elevated rating by Moody’s Investor Service to Aa1 – a very high evaluation of the Township’s finances shared by only a handful of government entities in Pennsylvania. The sale, which actually raised $35.2 million as a result of premiums paid by investors, follows the Board’s action on June 23 to have PNC Capital float bonds on behalf of the Township for planned treatment plant upgrades. Debt service on the bonds will amount to $2,815,000 a year for 20 years, financed by an increase in customer sewer rates also approved by the Board. The Township’s latest credit rating increase is projected to save approximately $50,000 a year. For more information, email Finance Director Vanessa.Gleason@CranberryTownship.org

Facebook Twitter Email

Other News in Cranberry Announcements