Long-term borrowing discussed

SUMMERSIDE – At the recent committee of council meeting, Summerside city councillors discussed authorizing long-term borrowing for about $6.2 million. This will be used to finance 2017 capital expenditures for the electric, water and sewer utilities of $6,218,500. To help with capital expenditures the city received infrastructure funding from the Atlantic Canada Opportunities Agency for the Credit Union Place Smart Storage Project and the Clean Wastewater Fund for new wellfield, biosolid system upgrades, and water and sewer replacements and lift station. The amortization for these projects is 20 years.