Kimberley City Council has given the first three readings to a temporary borrowing bylaw that would allow the city to take up to $35 million in loans to build the new wastewater treatment plant.
Kimberley CAO Jim Hendricks says the bylaw will help with the city’s short-term cash flow until they receive grant funding.
“The bylaw allows us to borrow money as we need it,” said Hendricks.
“The way the grant program for this treatment plant works is this: as we incur expenditures, we need to pay for those invoices from the city’s funds. We’ll periodically submit claims to the grant funders, then we’ll be reimbursed.”
On Dec. 4, 2023, Kimberley was announced as the recipient of a $90.6 million grant from the B.C. and federal governments.
The previous Pollution Control Centre was built in 1967 and is showing its age.
“It’s aged out and it’s a critical piece of city infrastructure that we can’t afford to let break down,” explained Hendricks.
“We’re getting ahead of it by planning to construct this new plant.”
Hendricks says the bylaw brings the construction of the new facility one step closer.
“The temporary borrowing is something that has been contemplated from the start. The first step was to get the long-term borrowing bylaw approved, which was approved by voters through a referendum,” said Hendricks.
“This temporary borrowing bylaw is the next step in that process.”
The Wastewater Treatment Plant Temporary Borrowing Bylaw No. 2771 will come back to chambers for adoption at the Oct. 15 regular council meeting.
Something going on in your part of the Kootenays you think people should know about? Send us a news tip by emailing [email protected].