New 10-year debentures to pay for library, roads, and arena
New Tecumseth's long term debt will grow by $6.295 million (excluding
interest) to pay for 2019's capital program: $1.8 million for road
improvements; $2.795 million, Tottenham Library construction; and $1.7
million for the floor and ice plant replacement at Tottenham Community
and Fitness Centre.
The loans are through the Ontario Infrastructure and Lands Corporation
and will each be over 10 years. Terms of the financing will be
presented to council on Nov. 18 for a Dec. 9th ratification.
The total amount of outstanding debt for the Town as at December 31,
2018 was $67,802,969, of which 80.2 per cent is to be funded by
development charges "with the remaining portion to be substantially
funded by future taxation."