Council has unanimously agreed that the opportunity offered to Sechelt to receive a $1 million grant coupled with a $7.4 million loan at a favourable interest rate from the Federation of Canadian Municipalities' green municipal fund is a sound one that our community should have the chance to review.
This funding offer is an honour - only two other B.C. communities have received this funding in the past year. It is also a smart financial move that allows Sechelt the flexibility to leave substantial reserve funds in place.
I believe that maintaining strong reserves contributes to a financially healthy community and a prosperous future. Accessing this grant and loan means we can keep $5.9 million in reserves and borrow $7.4 million for the wastewater treatment facility at a low interest rate that the District would not be able to access otherwise. The $1 million grant would cover the interest on the amount we borrow and the $7.4 million would be repaid by using revenue from current sewer user fees.
As a long-time resident of Sechelt, it is important to me that the community has access to the details needed to make an informed decision and to be part of the referendum on this funding option.
Everyone at the District is making a commitment to ensure that all our residents understand the structure and benefit of this new funding option.
To find out more about the funding options and the referendum, visit our website at www.sechelt.ca or call the District office at 604-885-1986.
I am asking all electors to vote in this referendum at an advance or special poll, through the mail ballot process or on March 8.
Coun. Tom Lamb
District of Sechelt
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