DUBOIS – The DuBois City Council on Monday approved a bond sale that will generate $1.5 million in savings over the next 15 years.
By purchasing new debt, the city will pay off three high-interest loans and reduce its annual interest payments by $100,000.
The City Council was also informed of the total amount of the Community Development Block Grant for 2025 – more than $306,000. Qualified projects that will use the grant money will be considered, and public input and suggestions are welcome.
Here are the notes from the August 12, 2024 DuBois City Council meeting:
· Joe Mitchell, executive director of the DuBois Revitalization Authority, announced at a public hearing that the City of DuBois’ Community Development Block Grant for 2025 is $306,590.
· The City of DuBois will now consider projects for which this money can be used and is open to suggestions from the public.
· This money goes to the city, not the Redevelopment Authority. It is not expected to reach the city’s hands until March or April 2025.
The city has until November 1, 2024 to submit its application for the money.
· There are certain restrictions on how the money can be used, the biggest of which is that it must be used primarily to help low- to moderate-income people. For example, in order for a nonprofit to qualify for a project, the city must conduct an income survey of the families that would benefit from the project to ensure that 50% of those families are moderate income or less.
·Mitchell said preliminary data from a citywide study suggests that median household income in the City of DuBois has fallen to a point where projects that benefit the entire City of DuBois population would be a possibility.
· Later in the meeting, the City Council approved the first and second payments for the West Washington Avenue water main replacement project totaling $148,164.85. This project is being funded using CDBG funds from the prior year.
· The City Council voted on the ordinance on second and final reading and approved the sale of $16 million in bonds and debentures.
·This new debt serves two purposes. The bonds are used to repay three existing high-interest loans with new debt at a lower interest rate. The bonds are short-term debt with a maximum maturity of three years to cover consolidation-related expenses, which will later be fully repaid through grants already committed.
·The Town Council approved the purchase of the Edmunds HR Module for $6,200 with a three-year contract. This is an HR software that Sandy Township already uses.
·This software allows DuBois employees to digitally record their timesheets and vacation requests, which is currently done on paper.
