The Board of Supervisors unanimously adopted an ordinance to issue bonds to advance a number of open space and infrastructure improvements at Tuesday’s Board meeting.
The open space projects include two artificial turf fields and an inclusive playground at Centre Square Park and a trail along the PECO right-of-way from Route 202 to Wentz Road. Infrastructure projects include funding to improve the Yost Road Bridge, various upgrades to sewer infrastructure, and improvements to the Township Building including the installation of a fire sprinkler system. The bond issue will also include the local match for a $1.0 million RACP grant to improve Wissahikcon Park and the Boys & Girls Club in West Ambler. The total of these various projects is $7.88 million.
Adoption of this ordinance comes at a favorable time as the Township maintains its Aaa bond rating and old debt from the purchase of Prophecy Creek Park continues to be retired. Supervisors began considering a new bond issue during last year’s budget process.
Issuing bonds instead of paying cash offers a number of advantages to the Township. Financing major capital projects and paying for them over a 20-year time frame ensures an equitable financial balance between current and future residents. Additionally, financing and commencing projects in the near-term locks in current pricing.