Here is a rundown of some of the other highlights from the Nov. 14 council meeting in North Battleford:
City council has awarded its tender for capital financing of projects. An RFP for capital financing had been issued through SaskTenders for two projects — the Carlton Trail Road and signal upgrades for $950,000 and leisure facility improvements for $550,000.
It came down to two proposals from the Royal Bank of Canada and the Bank of Montreal and Monday, council accepted administration’s recommendation to go with the Royal Bank of Canada. Their tender offer was of a 25-year interest rate swap and a 20-year bankers’ acceptance for an all-in fixed interest rate for 20 years at 2.71 per cent.
But Director of Finance David Gillan asked for some latitude on that last point, due to market fluctuations following the election of Donald Trump as president of the United States.
Gillan explained that Trump’s election resulted in short-term volatility in equities, and a spike in the cost to long-term borrowers. The sentiment on Bay Street and Wall Street, he said, is that Trump “will borrow and he will spend, and inflation will come and interest rates will go up.”
“So long-term borrowing is more expensive,” said Gillan.
The rate had moved from 2.71 per cent before election day to 3.18 per cent as of Monday.
Gillan adjusted his recommendation to ask for flexibility to contract at an all-in rate not to exceed 3.4 per cent, as opposed to three per cent which was the original recommendation. Administration’s recommendation was carried unanimously.
In other news:
During the announcements and inquiries portion of the meeting, Councillor Kelli Hawtin asked about when construction would start for the new downtown cinema and also the new hotel development.
City Manager Jim Puffalt and Director of Business Development Jennifer Niesink said construction would begin in the spring for the cinema. It is slated to be a 10-month project.
As for the new Comfort Inn and Suites hotel on Carlton Trail, construction is already underway and should be complete by September of 2017.
Councillor Don Buglas asked about street cleaning and whether they were still able to do so. Director of Operations Stewart Schafer said the street sweeper was out that day and would continue to stay on the streets as long as it did not freeze. The sweeper uses a tank of water and “as long as we keep that from freezing, we will keep on sweeping.”
In new business Holm Raiche Oberg has been appointed as city auditor for the year end Dec. 31, 2016.
In proclamations, Mayor Ryan Bater has proclaimed the week of Nov. 19-27 as Sask. Multicultural Week in the city of North Battleford.
The next council meeting is scheduled for Nov. 28.
