The Gloucester County Board of Supervisors unanimously voted to reaffirm its support for funding the new Gloucester Volunteer Fire & Rescue Squad Station 1 following a financing update for the project during a work session held Tuesday night in the colonial courthouse. Davenport & Company Senior Vice President Ted Cole provided the board with funding options, which include obtaining a direct bank loan or a public issuance of debt. The new Station 1 is estimated to cost $17 million, but the county is looking to borrow a little over $19.5 million to include a contingency fund (8 percent of project cost) and issuance costs. “We’re only going to borrow what we need,” he said. In addition to the funding source, the board also needs to decide on the length of the loan. Cole presented 20-year, 25-year and 30-year scenarios. Regardless of the funding source from which the board decides to draw, Cole said that it can now begin soliciting bank proposals for the project. “It is a non-bind...