Ladysmith eyes $1-million loan for waterworks

Town still waiting on news of grant

  • Jun. 27, 2011 3:00 p.m.

Council has set the cogs in motion to borrow up to $1 million for a water infrastructure.


In the 2011 financial plan, council has agreed to, and must, install a new water system that includes a pipeline from the South End to Arbutus, a central treatment plant, power supply to Arbutus and a crossing at Holland Creek.


In total the project is slated to cost around $2.47 million.


City Manager Ruth Malli said the town is currently waiting on grants to the tune of $2.4 million. They were turned down for early approval, but are still awaiting word on how much they will be receiving.


Erin Anderson, financial director for the town, said the borrowing process is a long one.


“All we are doing is getting the pieces in place so if we don’t get the grant, we will be able to go and borrow.”


Now that council has given three readings to the Loan Authorization Bylaw, approval is needed from the province before coming back to the electorate through the alternative approval process (instead of referendum). The borrowing is then facilitated through the Cowichan Valley Regional District to the Municipal Financing Authority.


The bylaw must also sit for a month before being approved.


In the June 6 council package, it is stated that it will cost $81,000 to service $1 million in borrowing based on current interest rates. The $30 increase to the water parcel tax in 2011 will help pay the debt so there will be no extra increase to taxpayers. The town has had to borrow from the authority in 2000 for sewer and First Avenue work.


The town also received word on June 9  it was awarded $375,000 from the second round of the Towns for Tomorrow money to put in a hydroelectric recovery project on the pipeline.


Just Posted

Changes coming to BC Ferries reservations for Vancouver Island routes

Many customers are booking multiple reservations, inflating wait times

Ladysmith Interact Club collecting food donations for those in need

On November 22nd and 23rd, Interact Club will be at the Ladysmith… Continue reading

Caps fall to Clippers in Nanaimo on Friday night

Clippers’ tying and winning goals come in less than a minute

Cowichan school district approves women’s winter shelter

The Cowichan Valley School District’s board of education has approved in principle… Continue reading

Six students arrested, charged in sex assault probe at Toronto all-boys school

The school’s principal, Greg Reeves, described the video of the alleged sexual assault as ‘horrific’

Vancouver Island remembers

Important stories shared as Islanders salute those who made the greatest sacrifice

Police looking into two more incidents at private Toronto all-boys’ school

Police and the school have said two of the prior incidents involved an alleged sexual assault

Bovine tuberculosis found in cow on southern B.C. farm

CFIA said the disease was found during slaughter and they are investigating

Air force getting more planes but has no one to fly them, auditor warns

The report follows several years of criticism over the Trudeau government’s decision not to launch an immediate competition to replace the CF-18s.

B.C.’s Esi Edugyan wins $100K Giller prize for Washington Black

Edugyan won her first Scotiabank Giller Prize in 2011 for Half-Blood Blues

Bolder action needed to reduce child poverty: Campaign 2000 report card

The report calls for the federal government to provide more funding to the provinces, territories and Indigenous communities to expand affordable, quality child care.

Judge bars US from enforcing Trump asylum ban

Protesters accused the migrants of being messy, ungrateful and a danger to Tijuana; complained about how the caravan forced its way into Mexico, calling it an “invasion.”

Ottawa Redblacks defensive back Jonathan Rose suspended for Grey Cup

Rose was flagged for unnecessary roughness and ejected for contacting an official with 37 seconds left in the first half following a sideline melee after a Tiger-Cats reception.

Most Read