Coplay Borough Council held a special meeting June 22 to handle a special ordinance regarding the refinance of a short-term debt obligation.

Council members reviewed a package that would allow the borough to borrow $3.9 million. The new debt obligation pays off the borough’s existing $1.9 million debt and reserves $2 million for a new public works building.

The interest rate on the new note is favorable, but no detailed amortization of the note was released.

Potentially, the loan will allow the borough to build a new public works building, which council members have agreed is much needed.

The latest estimate for the public works building project exceeds the budget. The bids were all closer to $2.5 million.

As part of this package, all the project bids have been rejected and a new bid package was issued. The new bid package may have some restrictions that can lower the price, but there is some question about the ability to get the final price closer to $2 million.