South Whitehall commissioners heard a presentation recently from Jamie Schlesinger, senior managing consultant for Public Financial Management, Inc., regarding a $1.5 million loan for capital projects.

"We're in a great market right now," he told the board Feb. 19. "My job is to get the lowest interest rates possible for you."

He recommended a 20-year tax free general obligation issue and included a chart indicating an estimated $626,741 in interest accumulating on the loan through the year 2034.

Schlesinger's fee for the transaction will be about $20,000 payable at settlement. The amount covers management of the loan through its duration.

"We can save money by doing this over 20 years," Schlesinger said.

He said a bond counsel will probably be involved to take care of legal details of the transaction.

Township Manager Jon Hammer told The Press Schlesinger has worked with South Whitehall in the past.

"He will go to shop at banks and lending institutions to get the best rates for us," explained Hammer.

The funds will be used for street reconstruction, stormwater improvements at intersections, and vehicle replacements (trucks) for public works, Hammer explained.

He said stormwater improvements are very expensive.

The board approved a motion for Schlesinger to move forward with contacts to local and regional banks to seek proposals.

Schlesinger's timetable includes discussion of the proposals at the board's March 19 meeting with settlement on or before May 6.