Woodstock City Council has passed a borrowing bylaw allowing them to borrow five million dollars if need be.
WOODSTOCK - A temporary borrowing bylaw will allow the city of Woodstock to borrow up to five million dollars in 2017 if need be. City Council passed the bylaw for 2017 at their recent meeting.
Treasurer Patrice Hilderley gives us an example of a situation where the city may need to borrow money.
"If we has some capital project we were working on and we weren't yet ready to go to the long-term financing, we would use the money for that."
Hilderley adds this is not the first time council has passed a temporary borrowing bylaw.
"We pass one every year - it's for five million dollars. We can borrow the money from our bank, Scotiabank, and that gives us the ability and the authority to borrow."
The city did not have to borrow any funds in 2016.