The Town of Gibsons is submitting two bylaws that would seek long-term borrowing to the Inspector of Municipalities, which could initiate an electoral approval process.
At the March 19 council meeting, council passed first, second and third reading of bylaws for an alternative approval process that will authorize loans for its sanitary sewer and outfall project and its water main and road restoration project. The bylaws for loan authorization for the two projects will be sent to the Inspector of Municipalities for approval.
Council previously adopted resolutions to pre-approve and fund four line items from debt: the Skyline Water Main Replacement for $2,185,000, the Skyline Excess Paving at $550,000, the Ocean Outfall Design at $450,000 and the Sanitary System Collection Repairs at $375,000.
Once the Inspector of Municipalities grants approval, staff will report back to council about the steps to move forward with the alternative approval process. The maximum term for debentures issued to secure the debt would be 10 years, while the term would be 20 years for the improvements to the water distribution infrastructure and road network infrastructure.
