qathet Regional District (qRD) directors have authorized temporary borrowing of up to $6.4 million for the resource-recovery centre and waste-transfer station that is currently under construction.
At the October 25 regional board meeting, directors gave first three readings and adoption to the temporary borrowing bylaw without discussion.
According to a staff report, adoption of a temporary borrowing bylaw will allow staff to draw down funds as needed, up to $6.4 million. The report stated that funds drawn down under the temporary borrowing bylaw will be charged interest on a daily floating rate.
The Municipal Finance Authority of BC is currently charging a daily floating rate of 5.62 per cent on temporary and short-term borrowing, according to the staff report. The borrowing will be repaid when financing is secured as a long-term debt.
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