DON QUIXOTE VS. CITY HALL When an American gets mad, he says "where's my Gun". When a Canadian gets pissed off he says "Where is my pen, I'm going to send a letter to the EDITOR". When the EDITOR won't publish his letter he sets up his own BLOG page.
When I received enough support to get a Council Seat the dogma of the establishment became : "Better to have him inside the tent pissing out, than outside pissing in." (Only time will tell !)
Tuesday, April 17, 2012
Enderby wants to borrow $850,000 for storm sewer upgrades
Enderby residents are being asked for permission to borrow money to prevent future flooding. The alternate approval process is being used to the
city can borrow up to $850,000 to upgrade storm sewer along Regent
Avenue and replace damaged or failed drainage pipes elsewhere in the
community. “Our backs are against the wall and that’s what this is addressing,” said Coun. Brad Case. Storm sewers was unable to keep up with significant rainfall last year and flooding occurred. Under the alternate approval process, 10 per cent of
voters’ signatures would be needed on a petition to prevent the city
from borrowing funds. Case says it was decided to go with an AAP instead of a
referendum to streamline public assent so the city can move ahead with
the work as soon as possible. “People need to know what’s going on in the community if they have concerns, they can get a hold of us.” It’s been estimated that 10 per cent of the eligible electors would translate into 248 names on a petition. Alternate approval process forms are available at city hall and they must be submitted by June 5 at 4:30 p.m. The $850,000 would be borrowed over 30 years. Coun. Earl Shipmaker doesn’t expect much opposition. “I think people understand the nature of the situation,” he said of last year’s flooding. The city hasn’t determined options if 10 per cent of voters sign a petition against the borrowing. “I don’t know what we would do next. Basically, we would have to go to referendum,” said Shipmaker.
This is an indication of cost of a 30 year borrowing of $850,000 at the present indicated interest rate of 3.96%.
Schedule taken from MFA (Municipal Finance Authority) website amortization schedules. Amortization Schedules.xls