The city is hoping to borrow $1.8 million to maintain its mobile fleet.
Council has approved using the alternate approval process rather than going to a referendum to seek the public’s approval for the borrowing.
The annual replacement and addition of vehicles and capital equipment are financed through the Municipal Finance Authority’s Equipment Financing Program. Through these loan agreements, the city retains ownership of its assets and is charged a low variable interest rate with fixed payment schedules.
The approved projects from the 2022 – 2026 Capital Plan that will be part of the equipment financing program request include:
- Mobile equipment replacement – $1,687,834
- Janitorial equipment – replace floor scrubbers – $41,000
- 2022 new bylaw SUV – $51,000
Electors will be given the opportunity to indicate they are opposed to council proceeding with adoption of a loan authorization bylaw by signing and submitting an elector response form by Thursday, March 31, 2022. Notice of the alternative approval process will be publicized in the newspaper and on the city website.