stanleyc | May 24, 2018
REGARDING GENERAL BORROWING
FOR THE EXPENDITURE AND BORROWING OF FUNDS FOR THE WATERLINE RENEWAL PROJECT
The Council of the Local Government District of Pinawa at a Special Meeting of Council in the Council Chamber, Municipal Office, on June 12, 2018 at 6:00 p.m. to consider the following proposal to borrow $333,334.00 (Borrowing By-law 837-18) to pay for:
The replacement of various sections of waterline within the Townsite of Pinawa
The total estimated cost is $1.0M, to be funded as follows:
$333,333.00 Federal Funding
$333,333.00 Provincial Funding
$333,334.00 to be funded by borrowing
The borrowing will be repaid over 20 years at a maximum interest rate of 5.0% per year
The annual repayment amount will be no more than $26,747.58 which will be recovered from water and sewer rates through the municipalities utility operating fund.
Council will be proposing a general water utility rate increase from $2.40 per cubic meter to $4.05 per cubic meter and sewer utility rate increase from $0.55 per cubic meter to $0.70 per cubic meter. These rates are subject to a final utility rate study and Public Utilities Board (PUB) approval.
At the hearing, Council will hear any potential taxpayer who wishes to make a presentation, ask questions or register an objection to the proposal.
Copies of the proposal to borrow and information about the capital project are available at the Municipal Office at 36 Burrows Road and on the Municipal website at www.pinawa.com.
Dated at the this 24th day of May, 2018 and issued pursuant to Section 169(6) of The Municipal Act.
Local Government District of Pinawa