Refinancing a $1.5 million debt could result in a higher financial savings than originally anticipated, Summit Hill Borough Council was told on Monday.

Those savings could amount to about $90,000.

As a result, the council told its financial advisers to proceed with drawing up paperwork for such refinancing, and approval on the proposal will likely occur next month.

The financial consultants, PFM Financial Advisors LLC, of Harrisburg, last month estimated such refinancing would save the borough about $76,000.

Garrett Moore, senior analyst, told the council on reinvesting, “All the uncertainties around the COVID-19 have really settled down.”

He said his firm got two refinancing proposals, one from Jim Thorpe Neighborhood Bank and the other from Mauch Chunk Trust Company.

JTNB offered the lowest interest rate, 1.68 percent annually, according to Moore.

The savings will be noticeable next year, the council was informed.

The bond issue is from the construction of the borough hall, police department, fire department and community center.

In other business

• Kira Steber, secretary-treasurer, said all events at the Hilltop Community Center for July and August have been canceled. She said reimbursements were given for seven reservations.

• Councilman Michael Alabovitz said he would like some revisions on regulations regarding projects involving the opening of streets. He said presently, a fee is paid and a year later an inspection is made and the fee is returned. The problem, he said, is the engineering firm waits a year to do the inspection, but doesn’t report back to the borough until some time after that.

As a result, fees are often returned without the borough knowing if the closing of the holes are in compliance with borough regulations.

He would like inspections to occur in 10 months with the engineer required to report back to council within 45 days.

• Tatum O’Brien was given permission to use the Ginder Field for a cornhole tournament as a fundraiser for the Recreation Commission and the Summit Hill Fire Department on Aug. 22 beginning at noon.

• Thomas Mimm and Stefanie Mast were granted permission to use the gazebo in Ludlow Park for a wedding at 1 p.m. on Sept. 26.

• The annual franchise agreement between Blue Ridge cable company and the borough was approved by a 6-1 vote. Council member Debra Ranck was opposed.