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City to Borrow $4.6 Million

By 250 News

Monday, September 20, 2010 09:03 PM

Prince George, B.C.- The City of Prince George has given first three readings to two bylaws which will allow the City to borrow funds to pay for two projects.
 
The projects, and the means to pay for them, had been previously approved in the City’s Capital plan.
 
The projects are: Simon Fraser Bridge  and the improvements to River Road.
 
When the Simon Fraser bridge was twinned, the Province offered the City the opportunity to have municipal infrastructure on or in the bridge and its approaches during the construction process. This means the City was able to install a water main across the bridge and sanitary sewer mains were installed on both sides of the bridge and trail connections were made. Adding these services to the bridge construction cost $1.1 million dollars. The City needs to borrow $758 thousand to finish paying the bill.
 
River Road improvements cost a total of $7.5 million and while the City received just over $3.5 million in Asia Pacific Federal grants, and the City paid $90 thousand out of its capital reserve, the City needs to borrow nearly $3.9 million to pay the balance.
 
The City will be borrowing a total of $4,652,942 with an annual estimated servicing cost of $342,372.

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Posted on Monday, September 20, 2010 09:03 PM in News by 250 News

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Comments

Comment Posted by: He spoke on September 20 2010 9:47 PM
Money grows on trees in Northern BC
Comment Posted by: Denaljo on September 20 2010 10:22 PM
With help from compost from the fertile minds at city hall!
Comment Posted by: newtechguy on September 20 2010 10:37 PM
Hmmmmm... I think these projects were a good thing for the city.

Happy to see them done!
Comment Posted by: IMO on September 21 2010 8:40 AM
Ya, just add it onto the 111 million dollars we already owe. See what you have to look forward to grandkids.

STOP THE SPENDING SPREE ALREADY!
Comment Posted by: IAM on September 21 2010 8:47 AM
Budgets are fascinating. Quite the difference between personal budgets and government budgets. I sure wish I could open my own bank or at least write a hefty "IOU" and withdraw large sums.