During the June supervisor's meeting the board adopted a resolution granting township manager Dave Albright permission to actively seek to refinance the township's bond debt. The supervisors set a minimum saving of 3.5 percent.

At Tuesday evening's meeting Albright was able to present the supervisors with the numbers, and they were much better than expected. Under the current 2010 and 2011 series bonds the township was scheduled to pay principal and interest in the amount of $248,077.50 during fiscal year 2016.Under the new bond, which is scheduled to close Aug. 3, the township will be paying interest only during 2016 amounting to $33,218.71. The savings for this year will be $214,858.79."The total saving through 2037 to the township will be $330,746.92," Albright said. "The total savings as a percentage is 7.7."The supervisors agreed to use the savings to cover a number of vehicle purchases that are in the 2016 budget."Originally the plan was to finance four equipment purchases," Albright said. "That would be at a cost of $119,400 for this year. The total cost to purchase the four pieces of equipment outright is $297,000. By using $177,600 of the bond savings and adding it to the $119,400 which was budgeted, we can purchase the equipment outright and save the additional finance charges."The township will be purchasing a pickup with plow, a bucket truck, a roller and a plow truck. All of these items are in the approved 2016 budget.The remainder of the savings will be used to increase the snow and ice removal budget. The savings over the balance of the years will be used to increase the budget for future severe weather and for future bond payments.The township also agreed to award a contract for the Hypsie Gap Road project to Shiffer Bituminous Service Company in the amount of $92,018.56. Five bids were received ranging from the low by Shiffer to a high of $224,632.50 by Northeast Site Contractors.