Thursday, July 8, 2010

Stamp this loan: PAID IN FULL

You the city taxpayer have finally paid off the loan the city took out in 2000 to support the Regional Health Science's Centre.  That 35 million dollar debenture will be officially paid off on Saturday. City Manager Tim Commisso says what this will do for next years tax increase is not known.  He says the 3 and a half million dollars amounts to 1 per cent of the current operating budget.  He says it's too early to talk about any tax reduction.
The interest over the life of the loan was 10 million dollars