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Borrowing proposal could lead to referendum in Sechelt

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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.

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

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