Prince George City Council will use the alternative approval process to gain elector approval for three projects.
During budget meetings last month, City Council approved capital projects with the funding source designated as either “MFA (Municipal Finance Authority) Debt Proceeds” or “MFA Lease Proceeds.”
The amount looking to be borrowed is $11.4 million, split over three projects:
- Equipment financing – $5.49 million,
- Stormwater system renewal – $2.62 million
- Civic Centre building automation system and chiller renewal – $3.26 million
Municipalities are required to gain “approval of the electors” when borrowing funds for loans with a term of more than five years.
Approval of the electors can be acquired by either holding a referendum or through the alternative approval process.
At this week’s meeting, City Council chose to go through the alternative approval process.
Through this process, the City will post a public notice, calling for elector responses opposing the spending. If the City receives responses from ten per cent or more of the voting population in Prince George, they will not be allowed to proceed with adopting the bylaw.
This process is scheduled to take place during April and May, and more details will be publicised closer to then.
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