Mayor votes against alternative approval process for $22M plan
The proposal to borrow $22.15 million to refurbish the Prince George Aquatic Centre will be taken to counter-petition.More formally known as an alternative approval process, it gives voters 30 days to express their opposition and if a threshold of 10 per cent is met, the matter would have to be taken to a referendum in which at least half of those who cast ballots on the matter would have to vote in favour of borrowing the money for the step to be taken.
Under the Community Charter, “approval of the electors” is required whenever a local government seeks to secure a loan from the Municipal Finance Authority that lasts more than five years. Both a counter-petition and a referendum are considered valid options. However, the timing of what year these costs would impact the levy depends on when the work is completed and the funds are borrowed, staff said in a report to council."We could see a loan rate between two and three per cent...it really is beneficial for us to take on this long-term debt rather than financing it in chunks as we go," Ramsay said.
"By the time this comes on, we will have put aside an additional three per cent. I think there is some padding in the capital plan that will allow us to perhaps use some of that padding in order to reduce some of that load on the taxpayers so a lot of this is just really smart financial business sense and I do hope that the electors will support that," Ramsay said.
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