Commissioners Plan Bond Refinancing, Predict to Hold Line on Taxes in 2012

As the did just a few weeks ago, Upper St. Clair Commissioners are planning to take advantage of historically low interest rates, and refinance just over $10 million dollars in municipal bonds from 2006. 

Michael Bova, Managing Director of the investment banking firm Boenning and Scattergood, told the commissioners Monday that refinancing would save Upper St. Clair approximately $42,000 a year or up to $670,000 over 15 years. 

The money would be used to reduce the township’s existing debt. The commissioners will be asked to authorize the move at their next meeting on Oct. 3. 

There was also good news about next year’s proposed budget. Prior to Monday’s regular commissioners meeting, the budget and finance committee met to discuss the 2012 spending plan. Commissioner Mark R. Hamilton reported to the board that, “everything was proceeding as planned” and that  “there were no surprises, no unanticipated expenditures, and no revenue decreases,” which would require any increase in taxes in the coming year.

Currently, the real estate tax and earned income tax rates are at 4.60 mills and .80%, respectively. 

The board will present the proposed budget to the public at its meeting on Nov. 7.