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Municipal Authority extends line of credit

June 22, 2012

JOHNSONBURG – The finalization of the wastewater treatment plant in Johnsonburg is in the process of being closed with PennVest.
Johnsonburg Municipal Authority officials voted in favor of extending the authority's line of credit for one year with Northwest Savings Bank for $762,491.36 to cover the balance of PennVest's final payment request.
According to Linda Tillack, Northwest Savings Bank agreed to reduce the line credit from $2 million to the remaining PennVest balance.
"We are slowly working the application through the PennVest system," Guss said. "Additional time will be needed on the interim financing in order to finance the final amounts until PennVest makes the final payment."
Guss said a computer problem in the PennVest system has delayed the closing.
"Basically, they explained it as a computer problem on their part and they, two weeks ago, told us it's going to put in a trouble ticket and that was going to be taken care of and so far I haven't heard anything about the trouble ticket," Guss said. "Everything is in line with the system here and there is no objection to what we are doing. It's just getting their computer to do it."

Pick up a copy of the Saturday, June 23, 2012 edition of The Ridgway Record for more.

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