Alternate approval process underway for potential $2.7-million loan

Feb 11, 2023 | 10:38 AM

PRINCE GEORGE — Residents of Prince George now have until April 12, 2023 at 6:00 pm to voice there objections to a city loan.

The loan totaling $2.711 million, would be for the replacement and additions of vehicles and capital equipment.

Due to the size of the loan, the city is required under the community charter to use the alternate approval process to gage the public. Should enough residents file opposition, the loan would go to a full referendum vote.

“The loan agreement with the Municipal Finance Authority (MFA) will be for a term no longer than fifteen (15) years to match the expected service life of the new mobile equipment. The annual debt servicing costs for borrowing the full amounts is estimated to be three hundred and forty one thousand four hundred and seven dollars ($341,407.00) and would result in 0.29% of future tax levy increases,” reads the notice published to the city’s website.

Some of the approved projects within the capital plan are;

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#0431 – Mobile Equipment Replacement – $2,395,000
#1283 – Drivable Hoist – Lube Bay – $65,000
#3208 – Janitorial Equipment – Replace Floor Scrubbers – $30,000
#3388 – Fire Srv – Rapid Deployment Tents – $51,000
#3389 – Fire Srv – Emergency Program – New Light Fleet – $85,000
#3390 – Fire Srv – Training Captain – New Light Fleet – $85,000

The alternate approval process means only those opposed to the loan needs to cast a ballot.

INSTRUCTIONS

If you are not opposed to the adoption of the above noted Bylaw, you need to do nothing.

If you are opposed to the adoption of the above noted Bylaw without the Bylaw first receiving assent of the electors by a referendum vote, you may sign and submit an Elector Response Form indicating your opposition.

A person may not sign more than one Elector Response Form.

by Michael Reeve

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Alternate approval process underway for potential $2.7-million loan

INSTRUCTIONS

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