- Download the By-law No. 6-2018 Borrowing for Municipal Recreation Facility
- Download the By-law No. 7-2018 Borrowing for Narol Fire Hall
- Download the By-law No. 8-2018 Borrowing for Water Control Works
The three borrowings included in this year’s budget have had first reading. The next step is for them to be reviewed and approved by the Municipal Board. The borrowings are:
- To build a municipal recreation facility in south St. Clements – up to $4,850,000
- Upgrades and expansion of facilities and equipment of the Narol Fire Department – up to $1,573,000
- Construction & Improvement of Water Control Works – up to $3,520,000
The Municipal Board should make a decision by July. If the borrowing is approved, the projects can proceed.
How does borrowing work?
It is very similar to getting a loan to build a home.
- We get approval to borrow a certain amount. The amount approved for borrowing is not necessarily the amount we will borrow; it is a maximum amount.
- Before we actually borrow, we complete the project and pay for it either with money on hand, a short term loan or a line of credit. We will also be seeking grants and other cost saving opportunities to help reduce the amount borrowed.
- Once the project is completed, council will look for the best rate and borrow the funds that were spent
- Loan payments are expected to start between 2020 and 2022. At that point, the loan payments will be collected from residents through their annual property tax bill.