Voters in Sechelt could be headed to the polls well before this November’s municipal elections.
The District is considering a larger loan to help finance the waste water treatment plant; 7.4 million dollars over 10 years.
The original plan was to borrow around 4 million.
Sechelt’s Chief Financial Officer says increasing the borrowing would allow the District to keep more money in its reserves. In a report to Council he says, “Securing funds will replace short-term borrowing and preserve $5,900,250 in reserve and development cost charge balances. ”
However, a loan of that size over such a long term would require a referrendum under provincial rules.
Councillors are expected to vote on going forward with the borrowing, and the necessary referendum, at their regular meeting Wednesday night.
