Lansford Borough Council last night agreed to borrow $360,100 for a 20-year period from the Jim Thorpe National Bank to purchase municipal streetlights - including traffic signals - from PPL Electric.

The borough is hoping that by owning the lights, there will be a long-term financial savings for residents.

Tim Moran of Municipal Energy Managers, Olyphant, said if electric rates increase at a rate of 3 percent a year, the borough’s savings will amount to $402,896 over the 20-year period.

Once the loan is repaid, the borough will enjoy a savings of about $28,590 each year, he said.