The Whitpain Board of Supervisors took action at its meeting on March 5th to pass a resolution to initiate a bond issue this year.
The Township remains interested in accelerating a number of open space and infrastructure projects, including replacing two existing grass fields at Centre Square Park with artificial turf fields.
Along with this project, other long-term capital projects are being considered for funding including matching funding for a RACP grant for Wissahickon Park/Wissahickon Valley Boys & Girls Club, sewer infrastructure improvements, and bridge improvements. Passage of this resolution 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.
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.
Before entering the bond market, the Township must present a more detailed scope and cost estimate for specific projects identified in a potential bond issue. A future ordinance of the Board of Supervisors is still required before the Township could enter the bond market.