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New 10-year debentures to pay for library, roads, and arena improvements

Posted November 1, 2019

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."

All stories, unless otherwise noted,
by Tony Veltri