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For information contact:
Robert H. Long, Jr.
717.255.7624
rhlong@thomaslonglaw.com
Thomas Long Serves as Bond Counsel in $1,270,973 PENNVEST Financing
HARRISBURG, Pa. — June 30, 2009 — Thomas, Long, Niesen & Kennard is pleased to announce the firm’s recent closing, as bond counsel, for The Municipal Authority of the Borough of Cresson, Cambria County, Pennsylvania. The Authority, which was one of the first in Pennsylvania to receive funding under the American Recovery and Reinvestment Act through the Pennsylvania Infrastructure Investment Authority (PENNVEST), received from PENNVEST a grant in the amount of $2,299,780.00 and a loan in the amount of $1,270,973. As part of the transaction, the Authority also substantially modified an existing PENNVEST loan. Proceeds from the issuance of the $1,270,973 Debt Obligation 2009 will be used to provide long-term and interim financing for improvements to the Authority’s sewer system, as well as to retire existing, outstanding debt of the Authority.
The Thomas Long team assisting the Authority with this transaction consisted of Robert H. Long, Jr., Senior Municipal Bond Attorney and leader of the firm’s Public and Municipal Finance Practice Group, and Jennifer M. Sultzaberger. Closing on the transaction occurred on June 17, 2009.
About Thomas Long
Thomas Long is a full-service Harrisburg-based law firm carefully crafted to meet and focus upon all of the legal challenges facing municipal and privately-owned clients. The firm maintains an extensive major practice area in public and municipal finance. In addition to public and municipal finance work, the firm’s attorneys are also leading practitioners in corporate, public utility, gaming, commercial litigation, fidelity/surety and construction law, as well as securities regulation, products liability, estate planning and trusts, mergers and acquisitions, general civil litigation and appellate practice. For more information, please visit the firm’s web site at http://www.thomaslonglaw.com.
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