Prince George City Council finalized the results of the alternative approval process to borrow funds for three projects at last night’s (Monday) meeting.
Earlier this year, City Council approved capital projects with a funding source designated as either “MFA (Municipal Finance Authority) Debt Proceeds” or “MFA Lease Proceeds.”
This included three projects with a combined total of $11.3 million:
- 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.
In February, City Council chose to go through the alternate approval process to gain elector assent.
Through this process, the City posts a public notice, calling for elector responses opposing the spending. If the City receives responses from ten per cent (5,629) or more of the voting population in Prince George, they will not be allowed to proceed with adopting the bylaw.
According to a report presented to Council at last night’s meeting, none of the projects received the amount of elector response forms needed:
City Council gave the final reading and adoption to the bylaws for the bylaws to borrow the funds, with only Councillor Trudy Klassen opposed.
Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].
