Guarding the Borough budget: Council okays YEAR-END loan

With a year-end deficit looming, the Milford Borough Council on Nov. 16 authorized a $75,000 loan to cover costs through December, Borough President Matthew Osterberg said. Osterberg said the court-approved loan would be repaid in 2010. Councilman James Price warned in October that Milford would need to take a loan out “immediately.” The shortfall, then judged as some $80,000, resulted from unpaid current property taxes, unpaid delinquent taxes and a “stand-still” in the real estate market, he said. The pictured lion’s gate guards a residence on the Seventh Street hill.