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Final acts of current council term adds over $2.2 million to long term debt

Posted August 11, 2014

With New Tecumseth council facing 'lame duck status' in a month, and only two scheduled meetings left before then including tonight's with the authority to approve spending over $50,000, councillors are expected to approve $2,275,000 (principle only) in long term debt to finance four items approved in the 2014 budget.

Included is Phase two of the Adjala-Tecumseth Townline reconstruction, $1,879,000; 13th Line road improvements, $53,000; a three-quarter ton fire truck for Station 1, $57,000; and $286,000 for a new tanker truck, Station 2.

Financing will come through the Ontario Infrastructure and Lands Corporation (OILC). It's noted in the application that this debenture will be funded 100 per cent from taxation.

The current council, which started its term in December 2010, set new record for borrowing, adding nearly $45 million (principle only) in long term debt, including $32 million for the regional sewage treatment plant construction, of which development charges will cover the majority of it, and $4.6 million for the Parsons Road Reservoir expansion.

After the election and new term, councillors will have to debenture over $25 million to pay for the Tottenham sewage treatment plant construction, whose financing is also expected to be covered by development charges.

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