A bond issue to pay for a new downtown parking garage has been finalized.
The city of Butler finalized the amount of nearly $7 million on Thursday so that PNC Bank can sell the bonds. The term of repayment is 25 years.
In addition to the construction of the Centre City garage, the bond also covers a refinancing of parking authority debt as well as funds needed as part of a local match on upcoming bridge projects.
The city needed to get the figure finalized before September 14th when their bond rating expires but was waiting for the Centre City hotel development project to become finalized which occurred Tuesday.
Written by Ryan Saeler
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