Borrowing bylaw drafted to aid council’s upcoming payments

A new bylaw was proposed that will allow the Sun Peaks municipality to borrow up to $800,000 on short notice for 2011.

Called the Revenue Anticipation Borrowing Bylaw, it was drafted to help the municipality make upcoming payments prior to taxes being fully collected.
The proposed bylaw has been approved by council to undergo three readings.

The municipality is scheduled to pay $1,132,000 for its first school tax and police tax to the Province on July 11. In addition, a $987,000 regional district payment is due to the Thompson Nicola Regional District on Aug. 1.

Having this bylaw does not necessarily mean that the council will borrow the funds. However, being approved for borrowing gives the council a monetary reserve if needed. The interest rate is less 1.25 per cent at prime.

Help us bring you more local news

SPIN has been able to serve Sun Peaks as its sole news source for over 20 years thanks to the overwhelming support of our community. Join over 126 of your neighbours and become a monthly or yearly member so that we can continue to regularly publish the digital newsletters and stories our readers rely on.

Author

This site uses cookies to provide you with a great user experience. By continuing to use this website, you consent to the use of cookies in accordance with our privacy policy.

Scroll to Top