City hall is seeking the public's approval to borrow more than $6 million to replace several pieces of mobile equipment and a culvert replacement project in the Hart.
Under Mobile Equipment Financing Bylaw No. 8952, 2018 the city is seeking public support to borrow nearly $5,060,000 -of which $1.7 million would be used to purchase a new ladder truck for the fire department. The remaining money would be used to purchase other pieces of mobile equipment for the city.
In a separate bylaw, the city is looking to borrow $1.1 million to replace a culvert along North Kelly Road.
According to a report by city director of Finance Kris Dalio and general manager of administrative services Walter Babicz, the funding is for the replacement of a single culvert on Kelly Road North, just north of Shellbrook Road.
"The culvert has failed and the road is eroding," the report says. "The culvert is on a fish-bearing watercourse and requires additional professional design recommendations."
If both new loans are approved, the city's debt servicing costs will increase by $581,871 per year. The mobile equipment loans would be for 10 years, while the fire truck and culvert replacement would be repaid over 20 years.
The city is using the alternative approval process for both loans. Residents have until 5 p.m. on July 10 to fill out a form opposing either loan, and deliver it to city hall in person, by mail, fax or email.
Those in favour of the loans don't need to do anything. The loans will be approved unless 5,389 eligible electors (10 per cent of the total voters in the city) fill out the forms and get them to the city by the deadline.
Notices with more information will be posted by the city in The Citizen on May 31 and June 7.
Although details were not available as of press time, the forms for electors will likely be available at city hall, located at 1100 Patrica Blvd. or on the city's website at www.princegeorge.ca in the coming weeks.
