Yorkton Council gave final approval Monday to borrow $6.2 million to fund Re-Construction and Underground Utility Replacement on Dracup Avenue from Broadway Street to York Road.
At the May 15, 2017 meeting Council introduced the first reading of the Bylaw and authorized Administration to proceed with the public notice process to borrow $6,200,000, explained Shannon Bell, Director of Finance with the City.
Borrowing is by way of a fixed term loan with TD Commercial Banking.
The terms of this loan will be a ten year amortization with interest fixed for ten years at 2.25 per cent.
Principal and interest payments will be provided annually from 2017 to 2022.
Source of repayment of $696,234.54 per annum will be from property tax revenue.
