Listen Live
HomeNewsBorrowing proposal could lead to referendum in Sechelt

Borrowing proposal could lead to referendum in Sechelt

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.

- Advertisement -

Councillors are expected to vote on going forward with the borrowing, and the necessary referendum, at their regular meeting Wednesday night.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading