The loan is necessary to pay for completion of a
The commitment guarantees the county will repay the loan should the authority not be able to do so. That concern does not exist, county officials said.
"The authority is actually going out and bridging the funds that will come in," President Commissioner
The loan is coming from a local bank, but repayment will be from a variety of funding sources including money from the Pennsylvania Infrastructure Bank, county Solicitor
PIB is a division of PennDOT that helps to fund transit projects such as the tank farm. The funding is on a reimbursement basis, meaning the work must be done and contractors paid before the state forwards money.
The 10,000-gallon tanks at the fuel farm will include one for jet fuel, required for military aircraft, and a second for aviation fuel, county officials said.
The ordinance was necessary before the commitment can be submitted to the state
Airport authority Chairman
The loan should be repaid by the authority by year's end and will not have an adverse impact on the county's overall borrowing power, Leiden said.
The county has made similar guarantees for a number of authorities, including the
(c)2014 The Tribune-Democrat (Johnstown, Pa.)
Visit The Tribune-Democrat (Johnstown, Pa.) at www.tribune-democrat.com
Distributed by MCT Information Services