Canadian Radio Awards: 989 XFM Small Market Station of The Year

Port Hawkesbury Town Council approves Borrowing Resolution

Sep 8, 2021 | Local News

Port Hawkesbury Town Council approved a borrowing resolution totalling $262,500 for its wastewater plant.

Finance director Erin MacEachern said there is a balloon payment due in October, and refinancing requires two resolutions, one a temporary borrowing resolution which goes to the Minister of Municipal Affairs for approval, the second grants Municipal Finance Corporation the ability to sell debentures on behalf of the town.

MacEachern said this will not increase the cost of debt financing, allowing the town to continue paying $52,500 annually for the next five years. She said the town will be able to keep the principle payment low, since current interest rates are low.

In response to a question from Town Councillor Jason Aucoin, the finance director said this makes sense from a cash flow perspective.

Council unanimously approved both resolutions.


Canadian Radio Awards: 989 XFM Small Market Station of The Year

Canadian Radio Awards: 989 XFM Small Market Station of The Year