qathet Regional District’s board of directors has approved borrowing of $6.4 million for the resource-recovery centre and waste-transfer station.
At the July 26 regional board meeting, directors unanimously carried a motion to adopt loan authorization bylaw 587. There was no discussion on the motion.
According to the bylaw, the estimated cost of developing and constructing the facility is $21 million.
According to qRD assistant manager of financial services Jason Kouwenhoven, prior to adoption of the $6.4 million bylaw, $5.5 million had been borrowed to date.
“This $5.5 million was authorized under our previous bylaws 561 and 566,” stated Kouwenhoven in an email. “We have reached the borrowing limit allowed under those previous bylaws, which is why we need this new one.
“The total authorized borrowing for the resource-recovery centre, including the $6.4 million from bylaw 587 adopted yesterday, is $11.9 million.”
Kouwenhoven stated this is not new funding.
“This $6.4 million was approved back in September 2021 but just hasn’t been acted on yet,” stated Kouwenhoven. “The borrowing and projected annual debt repayments for the entire $11.9 million are included in the 2023-2027 financial plan for the waste management service.”
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