EBENSBURG, Pa. (WTAJ) — The Cambria County Commissioners approved a loan of $8.5 million to help fund the county.
The board approved the motion at Thursday’s meeting, which advances them to wait for approval by the Department of Community and Economic Development. The loan was one of eight proposals given to the county to use to pay off debts and fund county workers and programs.
The board will get a drawdown loan from Amerisev Bank, meaning the commissioners can take as much or as little as they need at one time instead of having the full amount issued at once. The bond is set at $8.5 million at a fixed rate of 4.49%, with an additional $2,500 legal fee for the note.
With the county facing local budgetary issues and a state budget impasse, the loan adds a cushion of support to help keep everything running.
“We’re hopeful the budget is going to be passed soon, but we’re very concerned that it’s not going to get passed within this year,” County Solicitor Ron Repak Jr. said. “So for that reason, we are always looking at what funds we have to expend and how we are going to come up with those funds before the budget. We’ve looked at all aspects. We’ve worked with the controller’s office. We worked with the chief clerk to make sure that we’ve encapsulated all of the funds. There were unexpected expenses or an unexpected loss of revenue that we just didn’t see coming.”
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In statements to WTAJ, both commissioners Scott Hunt and Tom Chernisky provided their thoughts on the motion.
“Today, we moved forward in the bridge loan process by agreeing to terms with the bank. The next step is to obtain DCED approval, and we took an important step in that direction by passing the required ordinance today. Doing so will allow us to draw down the funds as needed. This action was necessary as we continue to work together despite the state budget impasse and projected budget shortfalls this year. We remain committed to improving the county’s long-term financial position.”
Scott Hunt, Cambria County Commissioner
“I support keeping government open and essential services intact. Unfortunately, the Hunt administration has chosen a path of spending more than the revenues it receives. Cambria County is heading down a slippery slope — and that’s bad business for the taxpayers and residents of our county.”
Tom Chernisky, Cambria County Commissioner
The bond will have to be approved by DCED before the money can be used by the county. Repak Jr. says that it can take up to 30 days to get approval.
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