By Staff
March 24th, 2021
BURLINGTON, ON
City Council met yesterday for a meeting that was expensive.
The biggest spend was the approval given to Burlington Hydro to borrow up to $15 million (TD Bank will be the lender).
No mention as to what the line of credit will be used for.
Other long term borrowing:
Angela Coughlan Pool
A bylaw to authorize a request for the issuing of debentures by the Regional Municipality of Halton for Angela Coughlan Pool Revitalization
A bylaw to authorize a request for the issuing of debentures by the Regional Municipality of Halton for Fairview Street Bus Bays – Teen Tour Way Shelters
A bylaw to authorize a request for the issuing of debentures by the Regional Municipality of Halton for the Sinclair Circle and Autumn Hill work
A bylaw to authorize a request for the issuing of debentures by the Regional Municipality of Halton for the Ester Drive area Reconstruction, Water Main and Wastewater Main
A bylaw to authorize a request for the issuing of debentures by the Regional Municipality of Halton for Ghent and Hager Avenue Minor Reconstruction.
When Burlington needs to borrow longer term funds they don’t go to the bank – they arrange for the Regional government to issue debentures.
All four Halton municipalities take their longer term financial needs to the Region. Sort of like a rich uncle who has a better credit rating than you do.
Hmmm …. raids the Hydro reserves for the Yacht Club….. now borrows millions more for Hydro unknown needs. Were Burlington Hydro Board members on side with both decisions?
An excellent question I think. There would seem to be different understandings of what we might mean by “transparency”. There is the ‘decisions made in the open and with the full knowledge of the public’ variety and then there is the ‘Empress has no clothes’ sort of connotation. I wonder which we have here?