Politics & Government

Haverford To Borrow $5 Million

The money will go towards road, park and sewer projects.

The majority of the Haverford Township Board of Commissioners voted to borrow $5 million from Delaware Valley Regional Finance Authority (DelVal).

During their meeting on Monday evening, March 12, the commissioners discussed borrowing $5 million. Sixth Ward Commissioner Larry Holmes said that it would be a short-term loan and the township would save $50,000 by going with DelVal.

Holmes expressed his concerned there would be a slight risk borrowing the money from DelVal because the group borrows money from other groups.

Find out what's happening in Haverford-Havertownwith free, real-time updates from Patch.

Holmes and a few other commissioners wanted to borrow the money by using a general obligation note, but the majority of them voted for DelVal.

Chris Connell, 8th Ward commissioner, abstained from voting.

Find out what's happening in Haverford-Havertownwith free, real-time updates from Patch.

with DelVal, but Holmes explained to the Haverford-Havertown Patch after the meeting that the township decided to use the extra million for the recreation department at a later date.

He said that the money would go towards:

  • road-resurfacing program
  • park and sewer improvements
  • public works equipment purchases

He said that while he did have concerns by going with DelVal, he says that he does have faith in them.

“It will work out,” Holmes explained to Patch about the township borrowing the money from DelVal.


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