Tredyffrin Supervisors Advance Bond-Funding Plan For Capital Projects

TREDYFFRIN, PA —Tredyffrin supervisors voted 5 to 1 to pursue a proposal to purchase $9.9 million in bonds to fund a new firehouse, stormwater upgrades, a bridge repair, and other capital improvements.

The proposed ordinance also calls for not going over $15 million in bonds for capital projects.

A public hearing on the proposal is set at 7 p.m. Monday, Dec. 18, at the township building at 1100 Duportail Road.

The company Stifel Nicolaus & Company Inc., West Chester, is the underwriter for the project.

Edward Murray, managing director at Stifel, provided a presentation Monday night, proposing a $9.86 million bond.

He said that interest rates are lower today than they have been over 75 percent of the time over the last 30 years.

The funding would be used to fund a new Berwyn firehouse, repairs to the Glenhardie Bridge, and stormwater projects throughout the township.

The stormwater projects include Woodcrest, Willis, Upper Weadley, Blair Road, and West Valley roads, Jeffrey Lane, and the township public works buildings.

The township was awarded state and county grants amounting to $575K for the Blair Road work and $518K for the Gregory Lane work.

Murray said it’s common for municipalities to use bonds for long-term projects. He provided a report listing several bond-funding projects completed in the region including, Radnor, Upper Merion, Downingtown, Westtown, Springfield, and Lansdale.

He said the bonds could be refinanced if interest rates go down.

Supervisor Matt Holt voted against proceeding with the bond project, suggesting that other sources of revenue for the projects be considered.

"There are much better sources of revenues to pay for this," he said.