Town of Ladysmith borrows funds for wastewater upgrades

Ladysmith council approved borrowing up to $10,000,000 to finance the third phase of upgrades to the wastewater system.

During an Oct. 21 meeting, Ladysmith council approved borrowing up to $10,000,000 from the Municipal Finance Authority to finance the third phase of the planned upgrades to the Town’s wastewater system.

The borrowing bylaw received approval of the Inspector of Municipalities, and now to meet the construction schedule, the final step in the process is to secure council approval to borrow the funds and to seek the consent of the Cowichan Valley Regional District to do the borrowing over a 25-year term and include the borrowing in its security issuing bylaw.

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