PUBLIC RELEASE - April 10, 2026 UPDATE

The Local Finance Board approved the Borough’s application on April 8th to permit a refunding bond ordinance in the amount of $3.4 million to replace the funds lost in the October cyber crime.  

While we had sought a 15 year bond ordinance, the LFB granted a seven year term.  They added a binding requirement as a condition stating the Borough must use any and all monies received in recovery, whether from insurance, litigation or through the criminal case which is ongoing, to pay down this debt.  This includes our current administration and any future administration.  We already had this language in our application and in the ordinance before the Council. 

There will be a special Council meeting on Monday, April 13th at 7:30 pm.  Ordinance 2026-04 will be up for public hearing and adoption in regards to this matter. We seek approval to issue a special emergency note in May to repay the schools in full.

We are seeking the Council’s approval to pass this ordinance as it is the least expensive method for all taxpayers for us to meet our obligation to the School District.  If approved, there will be no tax impact in the 2026 budget as the interest on the note would not be due until May of 2027.  We estimate the impact in the 2027 budget at approximately $98 per average household, however any monies recovered between May of 2026 and 2027 will be used to lower the cost of the debt. Our hope is that this number will be significantly reduced at that time.

Thank you for your patience as we continue to address this issue.

Rich O’Brien

Mayor