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Monday, 20 February 2012 22:36 |
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Council has given first two readings to a loan authorization bylaw. That would get the ball rolling on the City borrowing $3.5 million dollars to build a permanent dike along River Road. There was a lot of hesitation from Council, who had plenty of questions about repayment plans, should the City come into some sudden financial windfall. Council also voted to gauge public appetite for borrowing that money through an alternative approval process, rather than a referendum. Council learned a referendum could cost anywhere between $55,000 and $65,000. With some reluctance, the alternate approval process was passed. Under that process, 10 percent of eligible voters, or roughly 5,217 people, would have to fill out a response form opposing the loan application. Council also directed staff to look at ways to make that process easier. As it currently stands, a response form can be picked up at City Hall or found on-line, but the form has to be returned to City Hall.
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