qathet Regional District (qRD) directors have passed a security issuing bylaw that will provide City of Powell River with another $5 million for the consolidated wastewater treatment plant.
At the January 25 regional board meeting, directors unanimously passed three readings and final adoption of the bylaw, which would allow borrowing of the $5 million for a term of 30 years from the Municipal Finance Authority of BC.
According to the bylaw, the city has already borrowed $20 million and has approved borrowing of $30,701,000, so this latest security issuing bylaw would bring city borrowing to $25 million for the wastewater treatment plant.
qathet Regional District must issue the security issuing bylaw for the city to get the financing because Municipal Finance Authority is only legislatively permitted to provide funds to regional districts, so the city must go through the regional district to secure the loan.
At the January 11 qRD finance committee meeting, directors voted to recommend to the board that it give first reading through adoption of the borrowing bylaw at the January 25 meeting.
