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City council OKs borrowing $5.3 million for projects

Prince George city council approved a number of motions in relation to the funding of various projects through borrowing from the Regional District of Fraser-Fort George.

The borrowed money, known as ‘security issue’ totals $5.3 million and consists of $3.6 million for the civic facility roofs replacement program, $922,1000 for the critical streetlight replacement program, and $786,300 for various renewal works at the Aquatic centre. These projects were all approved by Council at previous meetings but borrowing was delayed so as to avoid interest payments until the funds were required.

This security issue would have a repayment term of 20 years which would begin in the spring of 2024.

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