THOMAS KERVIN COUNCIL FILE PHOTO                                Port Hardy Council agreed to borrow up to $84,000 for an emergency generator for the Civic Centre.

THOMAS KERVIN COUNCIL FILE PHOTO Port Hardy Council agreed to borrow up to $84,000 for an emergency generator for the Civic Centre.

Council agrees to purchase emergency generator for Civic Centre

The loan will have to be repaid within five years, with no rights of renewal.

Port Hardy Council agreed to borrow some cash to fund a brand new piece of equipment.

At council’s last meeting on Sept. 10, a staff report from Director of Finance, Lynda Sowerby, was included in the agenda.

Sowerby put forth a request to “authorize $84,000 debt funding for the purchase of an Emergency Generator for the Civic Centre.”

According to Sowerby’s report, Bylaw No. 1091-2019 Five Year Financial Plan 2019 — 2023 was adopted by Council on January 22, 2019.

“The Bylaw gives authority to proceed with the capital purchase of an emergency generator for the Civic Centre to be funded by way of short-term debt,” noted Sowerby.

FINANCIAL IMPLICATIONS

The debt principal and interest payments are included in Bylaw No.1091-2019, Five Year Financial Plan 2019-2023.

STAFF RECOMMENDATION

“That the Council of the District of Port Hardy authorize up to $84,000 be borrowed, under Section 175 of the Community Charter, from the Municipal Finance Authority, for the purpose of purchasing a generator; and That the loan be repaid within 5 years, with no rights of renewal.”

Council approved the purchase, and the Civic Centre will be getting an emergency generator in the future.


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