ORDINANCE NOTICE OF THE CITY OF NEW KENSINGTON
The City of New Kensington’s First Reading of Council Bill 3-25 shall be given at the Special Council Meeting to be held on June 30 2025 at 5 p.m. in Council Chambers City Hall 301 Eleventh Street New Kensington PA 15068 the First Reading by title only to Council Bill 3-25. AN ORDINANCE OF THE CITY OF NEW KENSINGTON WESTMORELAND COUNTY PENNSYLVANIA AUTHORIZING THE CITY TO BORROW $1190000 FROM THE PENNSYLVANIA INFRASTRUCTURE BANK TO BE USED FOR STREET IMPROVEMENTS AND TO PLEDGE A PORTION OF OUR LIQUID FUELS REVENUE FOR REPAYMENT OF THE LOAN.
BE IT ORDAINED AND ENACTED by the Council of the City of New Kensington Westmoreland County Commonwealth of Pennsylvania and is hereby ordained and enacted by the authority of the same as follows: The loan will be used for street improvements in fiscal year 2025 and fiscal year 2026. The repayment and terms of the loan are as follows:
1. The amount of the loan will not exceed $1190000.
2. The repayment period on the loan is 10 years with an annual payment due on the 5th of May.
3. The fixed interest rate is 3.88% with an annual APR of 3.945%.
4. The annual payment is $146311.64.
5. A portion of our annual liquid fuels revenue has been pledged as collateral.
The Ordinance is available for public inspection at City Hall 301 Eleventh Street New Kensington Monday through Friday from 8:30 AM to 4:30 PM.
John S. Zavadak
City Clerk
379175 (6/28/25)