Dec 13, 2016
Council Votes to Borrow Up to $6 Million for Water Filtration Plant
Council has voted to borrow up to $6 million over 25 years to fund a new Water Filtration Plant. The decision took place at a Special Council Meeting on Monday, December 12.
The borrowing bylaw will go to the Town's voters for approval in an Alternate Approval Process, expected to take place over a 30-day period in February and March 2017.
Island Health requires us to build a Water Filtration Plant to ensure that we continue to provide safe, quality drinking water and comply with the terms of the Town’s Water Supply Operating Permit.
Benefits of the new plant include offering the best quality water in the most efficient manner possible, and ensuring that Ladysmith offers up-to-date, quality infrastructure to serve current and future generations of residents. This in turn will lay a solid framework for managed community and economic growth in keeping with Ladysmith’s Sustainability Vision.
Construction costs are estimated to be $13.3 million. A significant $8.8 million grant will greatly offset the total construction cost. However, the Town will need to borrow up to $6 million for the balance. Any loan with a term over 5 years requires the approval of Ladysmith voters, as laid out in the Community Charter..
Visit our Water Filtration page for up-to-date information.