Borrowing bylaw discussed as funding headaches continue on waterline
- Mike Marshall / Country 99 News
The Town of Bonnyville may have to take out a bigger loan to help pay for the new water line coming from Cold Lake. Town Council met Tuesday where they were presented with the idea after being notified that the project coast had risen for the town since first estimated back in 2018.
The town had originally passed a bylaw saying they could borrow up to $3 million to cover their share. Town planners figure a $6 million loan will be needed as delays in funding including ID-349 money may not be ironed out in time.
The ID-349 saga isn’t expected to be ironed out before the UCP government drops its 2020 budget on February 27th. The proposed change would see the loan paid off over 25 years and if funding does not come through, it could theoretically lead to a tax increase on residents in Bonnyville.
The idea is on the agenda to be discussed again March 10th in council chambers.