New program allows Port Hardy to pay off debts early

The District of Port Hardy will be paying off some debt a little early.

The District of Port Hardy will be paying off some debt a little early. At their regular meeting Aug. 9, council dealt with an email from the Municipal Finance Authority of B.C. explaining that the organization, that funds municipal purchases, is winding down its leasing corporation.

As a result, it is offering municipalities the option of paying out their existing debts without penalty, or moving them over to a new equipment financing program which has a lower interest rate.

The current rates being charged are 1.70 per cent. The new rate is 1.38.

Under the advisement of Director of Finance Adrian Mass, council agreed to pay out the district’s 1989 Cat Loader ($15,658) and 2013 Ford Explorer ($12,331) with money from the general fund; and Unit 45 Utility ($13,058) out of its water fund reserve.

Council agreed to move its 2005 Ford Utility Unit 40 Bucket Truck ($13,058) and its 2014 Kubota F3990 ($25,200) to the new program.