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The Auroran http://www.newspapers-online.com/auroran/regional-council-to-consider-loan-for-joint-operations-centre/ Export date: Thu Jul 18 6:30:25 2024 / +0000 GMT |
Regional council to consider loan for Joint Operations Centre By Angela Gismondi The Town of Aurora may be able to finance a Joint Operations Centre, if they get the support of York Region Council this week. The Ontario Infrastructure and Lands Corporation (OILC) loan for the capital project will be considered at the Regional Council meeting this Thursday. In the report, Regional staff recommend that Council approve a request from the Town of Aurora for long-term financing to fund the Operations Centre in an amount not to exceed $25,000,000 for a term not to exceed 15 years. The proposed Joint Operations Centre will be located on Industrial Parkway North in Aurora. If approved, the Region will submit an application to the OILC for all or part of the financing on behalf of Aurora. Based on the OILC's posted borrowing rate of 3.27 per cent for a 15-year term, the Town would incur costs of about $6.3 million per year to service the $25 million loan. Under the Municipal Act, Regional Council must approve all long-term financing required by local municipalities, including applications for OILC loans. The role of the Region for the duration of the loan is to guarantee the repayment of debt and ensure that payments are received by the OILC from the local municipality in a timely manner. The Regional treasurer will confirm that Town Council has authorized debt financing for the project prior to preparing the necessary documents for the application. The Town treasurer has already indicated that the town's most recent annual debt and financial obligation limit from the Ministry of Municipal Affairs and Housing has been updated to include the additional financing costs associated with the requested loan and remains within the limit set out by the ministry. |
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Post date: 2014-06-25 18:08:55 Post date GMT: 2014-06-25 22:08:55 Post modified date: 2014-07-02 17:55:58 Post modified date GMT: 2014-07-02 21:55:58 |
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