Pennsylvania borough to sell wastewater system

Columbia Borough Council in the US has agreed to sell its wastewater treatment assets to Lancaster Area Sewer Authority (LASA) for $8.6m.

According to the current proposal, LASA will also assume responsibility for the principal and interest owed on the Build America Bond, which was taken out in 2010.

The responsibility would begin from the time the deal is finalised until November 2020, which will save the borough $4.27m in payments.

In 2020, LASA will make a $9.59m payment to pay off the remainder of the bond.

The council passed the bill related to sale by a vote of 4-2.

Council member Jody Gable said, "I think we made the best decision based on the facts. I sweated over it. I studied it."

LASA executive director Mike Kyle said that he is looking forward to work on a final agreement that can be formally executed.