City raises debt limit to $125 mil­lion

Moose Jaw Times Herald - - COMING UP -

A re­quest to in­crease the city debt limit to $125 mil­lion from $95 mil­lion was ap­proved Mon­day night. The mo­tion was car­ried by ma­jor­ity vote with Coun. Dawn Luh­n­ing and Coun. Swanson op­pos­ing. “We have to take a hard look at ev­ery­thing we’re do­ing to pre­vent us from be­ing $125 mil­lion in debt and equip­ment pur­chas­ing is one place where we can start I be­lieve,” Swanson said. An out­stand­ing debt of $26,510,043 for the city has been re­ported. San­i­tary sewer util­ity bor­row­ing costs to­tal $8,009,000, mul­ti­plex bor­row­ing re­sults in $16,219,000 and mul­ti­plex in­ter­nal bor­row­ing comes in at $2,282,043. The doc­u­ment noted that fed­eral and pro­vin­cial grants might land in city cof­fers. Ad­min­is­tra­tion compared the debt limit to com­mu­ni­ties such as Saska­toon, and Regina, how­ever, it was noted that those cities have big­ger pop­u­la­tions to sus­tain that amount of po­ten­tial debt.

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