Monday, November 21, 2022

Council to be asked for authorization Short Term borrowing towards recent McBride Street Work

McBride Street in mid October, just before the final paving work
Council will be asked to approve borrowing authority tonight
towards the cost of the project

With the four months plus of work on McBride Street now complete, City Council members will be asked to approve a request from the Financial office to make use of short term borrowing to pay the bills.

The request comes as part of the Council Session tonight, which if approved will see the City make use of the Municipal Finance Authority towards payment for the 850,000 dollars worth of repair and rehabilitation for the key road corridor.

The annual repayment rate set at 200,000 dollars per year, the repayment of the etch proposed through dividends from the city owned  subsidiary Prince Rupert Legacy Inc.

The lengthy repair and rehabilitation project began in early June and was completed  in mid October.

You can review much of our notes on the project from our Operations Archive page.

More notes on tonight's Prince Rupert City Council session can be reviewed here.

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