Council provided pre-approval to fund enhancements to the municipal fleet.
During the regular monthly meeting of Inverness Municipal Council yesterday, Finance Director Tanya Tibbo said the Municipal Finance Corporation no longer exists, so the municipality now has to apply for a debenture from the province.
Tibbo said the first step in the process was council’s approval of a temporary borrowing resolution during the Nov. 10 meeting of council. She said this was followed by ministerial approval on Nov. 30.
Tibbo said council borrowed $1,787,200, at an interest rate of six per cent over 10 years