The borough council on Monday approved a bond ordinance to provide funding for the acquisition of a fire truck.
The ordinance appropriates $650,000 through the issuance of $617,500 in bonds or notes. In accordance with Local Bond Law the borough will pay a five percent down payment of $32,500.
According to Business Administrator Tom Nolan, the borough had also taken out a lease purchase agreement through a third party vendor to finance the truck.
“If the interest rates are lower we’ll be able to use the note rather than the lease,” Mr. Nolan said. “Whatever is more advantageous to the borough is the one we’ll pursue.”
The ordinance, introduced at the Aug. 17 meeting, was approved following the second reading and a public hearing.