November 9, 2000 Maidencreek Township Supervisor's Meeting
A quick summary of our last meeting:
This was the first meeting that I was unable to attend due to the responsibilities with my employer. However, I have received the meeting minutes and wanted to post some highlights here.
The Back Hoe:
It was decided to purchase a backhoe for $56,078.00 The money would be borrowed.
The Loan:
At the 10/18/2000 Budget meeting it seemed we had enough money to retire (3 years early) the debt ($76,254.14) on a 5.25% loan. At the 11/13/2000 meeting I was told the bank indicated the savings would only be $350 dollars or so. I have obtained an amortization schedule and the total of the remaining interest charges associated with the loan is $6,494.04 Terry Rarick made a motion to pay this loan off. Karl Bolognese seconded and it passed. The next day plans to implement this were put on hold since it was learned that the interest rates had increased and the back hoe loan would cost more. The current intention is to not borrow for the backhoe, but use the loan payoff money instead to pay for the backhoe. Since the loan payoff is $76,254.14 and the backhoe is $56,078 it may be possible to pay some money in advance (about $20,000) on the loan and save the taxpayers a portion($3601.19) of the $6,494.04 in interest. That's right an early payment of $18,939.01 saves taxpayers $3,601.19 in interest. Exactly what happens on this issue will be decided at the 12/14/2000 meeting.
Schaeffer Property Re-zoning: The public hearing has been scheduled for 11/30/2000 7:30 PM Come out and be heard.
There was an executive session to discuss real estate and any pending litigation.
paid for by Roy Timpe