Council Says Yes to Alternate Approval Process for Project Loans
Prince George, B.C.- Council for the City of Prince George has given the nod to go to the alternate approval process in order to go ahead and borrow money for a number of projects.
A separate petition will be prepared for each project, and would require at least 10% of eligible voters to return a ballot indicating they are opposed to the borrowing. In the past that would mean about 5,500 signatures would be needed. Even if a project is rejected by the electorate, Council could then decide to go to a referendum, or cancel the project.
The need for electoral approval is required because of the proposed term of each loan. If a loan is over 5 years, it must be approved by the electorate. The shortest term for any of the projects, is 10 years.
Hart Industrial Storm Drainage $1.47 million term-20 years
Mobile Equipment Financing $4.222 million term – 10 years
Public Works Yard Development $1.45 million term – 20 years
Nechako Riverside Park $630 thousand term – 20 years
Snow Disposal, West Bowl $2.93 million term – 20 years
All of the projects have been approved in the Capital Plan that was presented earlier this year as part of the budget discussions.