A joint meeting of the Nesquehoning Borough Council and Water Authority was held for the purpose of floating a $125,000 bond issue for a period of 40 years at 4 percent interest.

The money will be used to purchase the water system from the Tamaqua Borough Authority for a base price of $65,000 and the balance of the issue will be used for engineering, improvements, equipment and bond discount.

The purchase includes four dams on the Broad Mountain north of the community, the watershed, easements, water mains and pipes, vales and fire hydrants.

The authority plans to lease the system to the borough at a cost of $8,600 per year, plus the costs of operation.