Loan Authorization Bylaw No. 532, 2014 has been approved by the Inspector of Municipalities and Sechelt confirms that it will be proceeding to a referendum on a new funding option for the community’s wastewater treatment facility.
The bylaw received three readings at the Council meeting of January 15, 2014 and was then submitted to the Inspector of Municipalities for review and approval as required by legislation.
The funding option being put to referendum includes a non-repayable grant of up to $1 million and borrowing of up to $7.4 million from the Federation of Canadian Municipalities Green Municipalities Fund (GMF). The loan would be repayable over 10 years at a fixed and favorable interest rate of 2.25 per cent.
Early in 2013, Sechelt Council confirmed a plan to pay for construction of the wastewater treatment facility. The option of accessing a long-term loan from the GMF was offered to the District in October, 2013. As the GMF funding option includes a loan repayable over a 10-year period, the assent of the electors through a referendum is required.
Sechelt Council has appointed the District’s Director of Corporate Services, Ms. Margi Nicholas to serve as Chief Election Officer for the referendum.
Further information on the upcoming referendum will be released on February 6, 2014. Information will be available on www.Sechelt.ca and through other media channels. Interested parties are encouraged to direct questions to the District at firstname.lastname@example.org.