Sturgeon County Council approves borrowing bylaws

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By staff

Sturgeon County – County Council gave unanimous second and third reading to two separate borrowing bylaws Thursday morning that will permit the County to secure the funding it needs to purchase three motor graders and one tanker / plow truck.

The total cost of the four new pieces of Sturgeon County equipment is estimated to be $1,425,000 .

The first borrowing bylaw permits the County to borrow a maximum of $746,000 towards the estimated $1.1 million cost of the three new motor grader units. The remaining funding would come from the sale of existing assets ($290,000), capital reserve funding ($87,000) and current year tax dollars ($57,000). The debenture would be taken over a maximum five-year period.

Council also unanimously approved a borrowing bylaw for the full estimated $245,000 required to purchase a new tandem tanker / plow truck. The plow truck debenture will be taken over a maximum three-year period. Interest on the three-year- debenture is estimated to be 2.3 per cent per annum. It is anticipated it will take 14 months for the truck to arrive.

Council had previously given first reading to the two bylaws Jan. 25.

Sturgeon County’s outstanding debt as of the Dec. 31, 2009 audit was $13,576,541. It is estimated County debt as the Dec. 31, 2010’s audit will be $16,636,231.54. The County’s debt limit is $50,821,000.

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