North Battleford city council has approved taking on $5.5 million in debt for a number of capital projects.
Details were presented at council Monday. The projects include:
• $1.2 million for land development in Kildeer Park, Parsons Industrial Park and Cameron McIntosh Airport;
• $800,000 in leisure facility betterments including $240,000 to the Civic Centre and $500,000 to the aquatic centre;
• $500,000 to the water utility water supply, specifically a new groundwater well; and
• $500,000 road transportation improvements for the Territorial Drive centre median.
These three projects were covered in the 2015 capital budget. But additional projects were approved out of budget and they include:
• $500,000 to the waste management facility equipment; and
• $2,000,000 for land acquisition for future residential development.
The $5.5 million brings the city close to their debt limit of $45 million. Total outstanding debt stands at $44.3 million.
There were four financial tenders submitted for capital financing, and council accepted administration’s recommendation to award the tender to Royal Bank of Canada. They had offered a 25-year interest rate swap and a 20-year bankers acceptance, for an all-in fixed interest rate for 20 years at 3.39 per cent.
Also, a bylaw was passed at Monday’s meeting in three readings to create the debt in the amount of $5.5 million.
