At last night’s Prince Rupert City Council meeting, a request was made for Council to approve a chance for the city to borrow $850,000 from the Municipal Finance Authority.
The reason that this loan is being taken out is to help cover the cost of a waterline repair on McBride Street.
Back in June of this year, the water main under McBride Street broke and as a result, it caused a lot of disruption and damage so it needs to be replaced, which also means that the road needs to be dug up and re-surfaced.
This loan reportedly is expected to be paid back over a span of five years.
After some discussions, Council eventually decided to approve the request and now, the proper loan application documents will be filled out and sent to the Municipal Finance Authority.
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