City of Prince George administration will ask councillors to proceed with three loans worth a collective $11.369 million at their Monday, May 26 meeting after residents expressed minimal opposition during an alternative approval process.
Back in February, council gave the green light for the alternative approval process to be started for the items.
As the loans will be paid back over a period of more than five years, the city was required to get approval from its electors.
BC local governments can either get elector approval through a referendum or through the alternative approval process.
For the latter option, eligible voters in the cast had the option of submitting forms stating their opposition to the borrowing. If 10 per cent or more of residents voice objections this way, a local government can’t approve the borrowing unless they hold a referendum. Renovations for the Aquatic Centre were approved this way last year.
According to documents attached to the agenda for the Monday, May 26 council meeting, there are 56,291 eligible voters in the city, meaning that 5,629 had to voice their opposition to force a referendum.
However, the number of people who ended up objecting to the loans by the 5 p.m. deadline on May 20 was far below that threshold.
For the first loan borrowing $5.489 million for mobile equipment, janitorial equipment, fire hoses, a hoist system, a tractor with flail mower and arborists equipment, just 22 people were opposed.
This debt is expected to have annual debt servicing costs of $604,430 and will be repaid over a period of up to 15 years long.
The second loan was for $2.26 million to replace stormwater system assets like drainage ponds, storm mains, culverts, manholes and more. It received the fewest number of objections with 14.
It’s expected to cost $211,070 in annual debt servicing costs.
The third and final loan was worth $3.26 million and is for the replacement of the Civic Centre’s building automation system and air conditioner. A total of 20 people voiced opposition to this loan.
This loan’s annual debt servicing costs are estimated at $262,629, meaning the annual cost of servicing all three loans is $1,078,129.
With the three alternative approval processes over, administration will ask city council to pass final reading of bylaws approving each of the loans at the May 26 meeting.
The meeting starts at 6 p.m. on the second floor of Prince George City Hall. It can be attended in person or watched online at princegeorge.ca.
