Council To Ponder Referendum
Prince George, B.C.- When Council for the City of Prince George meets this evening, it will be asked to approve putting the wheels in motion for a referendum to borrow money for two major projects that have hefty price tags.
The first is the replacement of the Four Seasons Pool. A project that would cost $35 million dollars. The plan would be to borrow that money over 20 years, with an annual debt servicing cost of $2,352,550.
The other project is the replacement of Fire Hall #1. That project would cost $15 million and would be funded by debt over 20 years. That would add debt servicing costs of $1,008,236 to the City.
Because of the amounts and the length of the borrowing terms, both items need the approval of electors. Staff recommend a referendum be held on October 28th of this year