By Erika Chorostil

More funds available if needed

Drayton Valley amends bylaw to increase borrowing limit

May 29, 2020 | 11:02 AM

The Town of Drayton Valley has increased its borrowing limit.

Drayton Valley Town Council made an amendment this week to their Borrowing Bylaw, increasing the limit on the amount of money the Town can borrow.

Bylaw 99-14 was first passed in October of 1999 to address the highly seasonal nature of Town revenues.

At that time, a borrowing limit of $750,000 was approved to meet current expenditures and Town obligations until taxes could be collected.

The Town amended the borrowing limit in 2017, increasing it to $4 million.

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Now the Town says in light of the current economic situation it is necessary to make another amendment to the bylaw, increasing the limit from $4 million to an amount not exceeding $9 million.

Council says this will ensure funds are available to maintain operations and capital commitments throughout the year.