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The Town of Blacksburg plans to be debt-free soon thanks to a substantial windfall.
Selling the town’s gas company to the York County Natural Gas Authority netted the municipality $2.5 million, which the town is expected to receive this week.
Town Administrator Trudy Martin had the task of determining the best use of the revenue. After considering the options, she made a recommendation that the town use a large majority of the money to pay off a $2.2 loan for sewer construction.
The town was scheduled to pay out $140,000 for the next 30 years, but paying off the remaining balance in one lump sum will bring the community out of debt and ultimately save $178,000 in the long-run.
For the rest of the story, see this week’s The Blacksburg Times.
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