Milford will borrow to buy new garbage truck

| 16 Dec 2020 | 11:27

Milford. The Milford Borough Council on Dec. 15 approved about a $65,000 loan to purchase a new garbage truck that will be jointly owned and operated with Matamoras.

Matamoras had approved their own financing the previous week.

Milford received a commitment letter from Dime Bank, saying it was willing to fund Milford’s portion of the garbage truck under the Local Government Debt Act, which allows the borough to borrow money if the loan is for less than $125,000. Borough officials must sign a General Obligation Note and the useful life of the equipment must be 10 years old.

Borough Solicitor Anthony Magnotta said the borough will finance the $65,028 garbage truck at 2.97 percent over five years.

Councilman Joseph Dooley said the loan will cost the borough about $14,000 per years over the life of the loan and the money is already in the budget.

The truck the borough currently owns and operates with Matamoras recently broke down again on its way to the dump.

“The new truck is supposed to be here any down now,” Council President Frank Tarquinio said. “This truck is 14 years old and hopefully we’ll get 10 years out of this new one.”