This is the question that the Council will be voting on accepting at the Council Meeting of Nov.13.
It does specify the location on which the proposed up to $30 million that will be borrowed on a long term basis can be spent.
This question if approved at the referendum will not authorize the use of this money at any other location.
The actual borrowing bylaw says the money will be borrowed over a 25 year term. This will be the only 25 year term loan that the City has outstanding. Most long term borrowing is for a 20 year term. The Multiplex and Performing Arts Building are 20 year terms. (GVSC)(NORD)
The tax cost per average house will be be more each year if the Debt has a 20 year term rather than a 25 year term. (I will post on this after details are announced by City.)
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