The Amity Township Board of Supervisors unanimously approved on Sept. 6 to refinance $4 million of current debt with a $7 million municipal bond that will also fund $1.5 million of future sewer projects.
Residential sewer bills will increase $5 per quarter, from $100 to $105.
The township will receive $5.5 million from the $7 million refinance.
Funds will be used to pay the 2012 bond issue of $2.7 million, and a 2015 note of $1.2 million.
The previous bonds were used to construct Amity Community Park and to renovate the township municipal building and Amity Police Department, all located on Weavertown Road.
Board members said $1.5 million is needed to upgrade two sewer pump stations and other proposed sewer projects through 2020, including construction of the Leaf Creek Interceptor on Route 662.
The Leaf Creek Interceptor will provide public sewer to residents and projects such as the age targeted development of Arbour Green at Pine Forge and Old Swede roads.
The township will receive $145,000 in savings from the refinance.
James Schlesinger, of PFM Swap Advisors, LLC, Philadelphia, said the interest rates will be in the range of 1.35 percent to three percent when the rate is locked in on Sept. 21.
Settlement would be Oct. 24.
