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Woodstock Looks At Long Term Financing

Thursday, 9 July 2015 05:41

The City of Woodstock is getting ready for a series of road reconstruction projects.

WOODSTOCK - Oxford County has approved an application for the City of Woodstock to apply for $3 million in long term financing through the Ontario Infrastructure and Lands Corporation. 

Woodstock Mayor Trevor Birtch talks about the move. "Capital works that we are doing for road reconstruction, part of those projects as we budget them for 2015 will come from debenture financing; so long term financing that helps when a new road goes into service, a new area in the business park, that it gets paid for by future users rather than all of the users today." 

Birtch says essentially this is long term financing that helps when a new road goes into service or a new area in the business park. The money will mostly be used for road reconstruction projects and a portion of it will go towards the new Recreational Centre.

OILC's infrastructure renewal loan program provides low-cost, longer term financing to municipalities to meet critical municipal infrastructure priorities.

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