At its meeting on Tuesday, February 18, 2020, Ladysmith Council received the results of the Alternative Approval Process (AAP) up to $6.2-million to be borrowed over 25 years for three water supply projects.
The projects are to increase the storage capacity at the Holland Lake dam, build a connecting water main from Holland Lake to tie into the existing Stocking water main, and twin the Stocking Lake water main leading to the Arbutus Reservoir.
The AAP closed at 4 p.m. on Tuesday following a voting period of 30 days in accordance with the Community Charter.
The number of Elector Response Forms received by the Town (42) did not meet the 699 required to defeat the proposed borrowing and was deemed to have the support of the voters.
Council adopted the borrowing bylaw at the meeting on Tuesday.
The Town is applying for an infrastructure grant that would cover 73.33% of the total estimated costs of the water projects.
There are enough funds within the current water parcel tax to fund the borrowing for these projects provided that the Town receives the full grant requested.