City of Merritt given green-light to borrow necessary funds for Fire Hall expansion.
Mayor and Council authorizing a bylaw this week, which will allow the borrowing of up to $2,209,000 for a period not exceeding 25-years.
Now, if approved after an alternative approval process next month, financial services manager Sheila Thiessen confirms the city will be able to proceed with the proposed expansion.
"The bylaw authorizes the borrowing of the full amount needed for the expansion. We will not be required to borrow the full amount if the total cost turns out to be lower, or if we find other sources of funding."
Thiessen adds the debt servicing funds will be covered through taxation in future years.