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Learn your options with regard to refinancing the existing loan to lower your
monthly payment, lower the interest rate, pull cash out or shorten the term of
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Scranton City Council is being asked to approve the refinancing of a $5.5 million loan that was taken out three years ago to cover budget expenses.
The deadline to repay it is Dec. 15, but the new plan would stretch over the next 18 years.
On Tuesday, council voted 3-2 to accept the legislation and scheduled a public hearing before a final reading Sept. 30.
Opposing the move were Councilwoman Janet Evans, who also voted against the loan in 2005, and Councilman Bill Courtright, who originally OK’d it.
At a caucus before council’s meeting, city and PNC bank officials said the refinancing would ease repayment and give Scranton flexibility to avoid defaulting on the loan.
