Council OKs borrowing $8M for improvements

Saanich council has authorized the city to borrow more than $8 million to fund various improvements in the district.

  • Sep. 18, 2015 1:00 p.m.

Saanich council has authorized the city to borrow more than $8 million to fund various improvements in the district.

Council gave final reading to several bylaws on Monday, approving the borrowing of money for improvements Saanich’s sewer ($2.764 million) and storm drainage ($1.5 million) systems, as well as transportation ($2.8 million) and parks ($1 million) capital projects.

The money will be borrowed on the credit of the municipality.

Debentures may be issued to secure the debt created by the bylaws over the next 15 years.

 

 

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