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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.
