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Long term debt to grow tonight

Posted December 9, 2013

New Tecumseth is scheduled to ratify two debenture issues that will add approximately $8.4 million, including interest, to long term debt.

The largest of the two notes is $4.6 million borrowed over 20 years with an interest rate of 3.87 per cent for a total (P&I) cost of $6.4 million at maturity. This debenture is related to the Parsons Road Reservoir expansion, and DC eligible project.

And, the Town will debenture $1.7 million over 10 years at a rate of 3.05 per cent which (P&I) will cost $2 million at maturity. This debt includes 2013 road improvements, Adjala-Tecumseth Townline bridge reconstruction, and the Station 3 aerial truck purchase.

The 2014 budget proposes a further $5.8 million, excluding interest, in new debt.

Last week, Allister Byrne, retired Town auditor with Grant Thornton, who was retained by the municipality to provide a "high level" overview of its financial stability, warned councillors that because of growing debt levels, it was his "observation you are getting awfully close to the edge, possibly a precipice of sorts..."

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