Palmerton has ironed out finances as it anxiously awaits the receipt of a new pumper for its fire department.

On a 6-0 vote, borough council on Thursday voted to take out a 10-year loan in the amount of $688,000 from First Northern Bank and Trust, Palmerton, at an interest rate of 1.49%.

After the meeting, borough Manager Donna McGarry said that council increased the millage in the debt reduction fund by one-half mill, which will be used to pay the loan.

McGarry said loan payments will start next year, and payments will be about $74,000 per year.

The truck purchased from KME in Nesquehoning is still expected to arrive in May.

McGarry said the borough didn’t qualify for a USDA loan, because it needed to apply for the funding before committing to the purchase.

Since council authorized the firetruck purchase in April, McGarry said the borough couldn’t apply for USDA funds.