Kate Bouey - CASTANET Dec 10, 2015 / 5:00 am
The public has spoken, and it took just minutes Wednesday for directors of the North Okanagan Regional District board to OK a bylaw allowing staff to borrow $13.25 million for the twinning of Kal Tire Place. In a unanimous vote, directors put up their hands three times to enforce the bylaw. The money is expected to be used once a design is selected for the new arena and work starts on the project in 2016. It has yet to go out to tender. Stephen Banmen, NORD's general manager of finance, says the money won't be borrowed until it is needed, likely late next year, once work is underway.Banmen said the cash would be “drawn down” slowly so as not to borrow money unless it was needed at that point in the project. Greater Vernon voters gave their stamp of approval to the project when they voted in favour of borrowing money for an ice sheet in a referendum on Nov. 28.
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