Sunday, May 04, 2008

Kelowna Library Headquarters upgrades going to counter petition.

Kelowna Capital News: May 4
Excerpt from article:
A total of $4.5 million will be borrowed under the controversial alternative approval process to complete an upgrade of the Okanagan Regional Library’s headquarters on KLO Road. Construction began in January. It will be completed in the fall. Since construction began however, the Royal Bank has withdrawn its loan approval for the project, according to the regional library’s financial manger Don Nettleton. He said the bank became leery because the Library Act was unclear as to whether libraries were actually able to borrow from financial institutions. In turn, Community Services Minister Ida Chong recommended the library board approach the Central Okanagan Regional District to borrow money on its behalf through the Municipal Finance Authority. Hobson said the MFA agreement will work out better for the library because of cheaper borrowing rates. The money will be borrowed over 20 years and repaid through levies applied to property taxes in the 19 municipalities and four regional districts that make up the library system.

The plan will proceed unless 10 per cent of the public registers opposition through the regional district offices on KLO Road.

2 comments:

Anonymous said...

If the Library does not have the authority to borrow from the Bank,then why would they have the authority to borrow from Cord pursuant to a counter petition? Does that mean that Nord could borrow money via Cord subject to a counter petition?

Anonymous said...

So who is responsible in Vernon for the Referendum on the Civic Complex. First we were told the library had all this money until Beardsell questionned it, and then they admitted they needed to borrow the money and now we learn they do not nave authority to borrow the money. Who is responsible? Perhaps we can recover more than $100,000 from them!