- 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 been approved by the Municipal Board so the projects can proceed. 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
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.