Millage rate remains unchanged in Perry Township

The Perry Township supervisors adopted a final budget Tuesday night for 2015 that held the line on real estate taxes for the 15th consecutive year and agreed to borrow almost $500,000 for a retaining wall project on River Road.

Chairman A.J. Boni said the final spending plan includes $666,706 in income and $590,000 in expenses.

Millage will remain at 1.27 mills.

Although the township has not raised real estate taxes in 15 years, the township agreed to borrow $485,000 from Somerset Trust Company to fund a retaining wall project on River Road.

The supervisors awarded the contract for the project to Goette, an Ohio Company that was the lowest bidder.

Other proposals included $479,000 from Applachian Industries of Perryopolis and $411,000 from Lone Pine Construction.

Boni said McMillen Engineering, the firm hired for the project, recommended that the supervisors award the contract to Goette.

To finance the project, the supervisors agreed to borrow $485,000 from Somerset Trust Company for a 20-year period. The interest rate for the first five years will be 2.495 percent.

The loan rate will then be 75 percent of the prime rate or a mutually agreed upon amount for the tax-free loan, Boni said.

The township's payment will be $2,046 a month for 20 years, according to Boni.

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Millage rate remains unchanged in Perry Township