Government Transportation

Newtown Twp. Borrows Funds To Expand Road Repaving

File Photo

Newtown Township is moving forward with their plan for expanding road repaving this year.

The Newtown Township Board of Supervisors approved TD Bank’s offer for a 1.54 percent interest $1 million loan that would help repave 5.5 miles of roadway.

The township will be reviewing bids and determining what roads will be repaved before the month is over, officials said.

In total, the township is looking to pave around 30 roads, a step up from previous years, Township Manager Kurt Ferguson said.

Along with the loan, a one mill tax increase that was approved for the 2017 fiscal year will pump roughly $340,000 toward road work along with $540,000 in state liquid fuels tax.

Ferguson explained late last year that the liquid fuels tax helps the township pave roads but more money is needed to keep up with the township’s 78 miles of roads.

Ferguson said the interest rate from TD Bank was great and the township will only owe approximately $24,000 in fees.

About the author

Tom Sofield

Tom Sofield

Tom Sofield has covered news in Bucks County for five years for both newspaper and online publications. In 2012, Tom was honored at the Pennsylvania Newspaper Association Foundation's Keystone Press Awards for his coverage of President Obama's visit to Falls Township in 2011. When he's not covering news in the area, Tom enjoys checking out the newest restaurants and bars, exploring forgotten places of industry in the area, going to local parks and spending time with his friends and family. If there's one thing you should know about Tom, he is a local news junkie through and through. Email: Phone: 215-431-1001