The Bristol Borough Council voted on Monday night to cosign a substantial loan for the Bristol Borough Water and Sewer Authority.
The loan, to be taken from the Delaware Valley Regional Finance Authority, is for $3,215,000, officials said.
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The vote passed on a count of six in favor and two against. Council members Dave Girard and Tony Devine were the opposing votes.
The loan will provide monetary support for sewer plant renovations. The loan will provide the funds necessary to carry through the planned renovations. The money comes shortly after the Bristol Borough Water and Sewer Authority instituted a 100 percent raise in water rates.
According to officials, the loan is set to have an interest rate of 2.073 percent but that cannot be finalized until the final settlement of the loan.
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During Monday night’s meeting, Borough Manager Jim Dillon explained that the repayment of the loan will come from the rate increase.
Opposition to the consignment came from Girard and Devine. Girard mentioned before voting that he supported a second opinion from a different firm before moving forward with the large borrowing.
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Among other things, the money from the loan will finance new and ongoing projects for the sewer authority, including repairing the trickling filter wall, the rotating biological contactors, and generator maintenance.
