On Air Now

Afternoon Drive with Xander

2:00pm - 7:00pm

  • 519-537-1047

Now Playing

Listen Live Listen Live HD2

Woodstock Council Passes Borrowing Bylaw

Tuesday, 22 November 2016 at 05:37

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.

Share

More from Local News

Comments

Add a comment

Log in to the club or enter your details below.
Rating *

Weather

Recently Played

© Copyright 2026 104.7 Heart FM (CIHR-FM) is owned and operated by Byrnes Communications Inc.. Powered by Aiir.