City council has agreed to put the funds from the sale of Woodstock Hydro into a legacy fund that will not be touched without a 2/3 majority vote.
WOODSTOCK - Woodstock City Council has agreed to establish a Woodstock Hydro legacy fund.
The fund will look after the $29 million the City will receive in the sale of Woodstock Hydro to Hydro One. It states that the funds will be invested conservatively with a goal to preserving the capital in perpetuity. Woodstock Mayor Trevor Birtch says the legacy fund also states council will need a 2/3 majority to spend any portion of the original capital.
"If an emergency was to arise you have to have more than just a regular majority, so instead of 4 votes you would need 5. This gives us an assurance that this is going to get tapped into if there was something very pressing and 2/3 of council felt it was appropriate to use those funds."
Birtch says that they plan on investing this money wisely so it can generate more money for years to come.
"The investment that the citizens of Woodstock have made in the past to a public utility gets maintained, set aside, set apart, and council can look at any of the growth of that fund as opportunity in a way that Woodstock Hydro had paid a dividend to the City in the past. The legacy fund allows residents to know that this council will not spend this money on the new recreational facility that we are proposing, or the LED street lights that we are looking at installing - that we will continue to operate our business as per normal procedure and protect that money for the future."
Woodstock City Council also agreed to a lease agreement with Hydro One who will use the same building at 16 Graham Street when they take over for Woodstock Hydro later this month.
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