Council to borrow $1.2 million

June 12, 2008: Bega Valley Shire Council will borrow $1.2 million for its general fund, as detailed in the 2007-08 operational plan.

Council called for expressions of interest from financial institutions for the loan funds to be drawn on or about June 20, 2008.

The term for the loan will be 10 years with half-yearly repayments of principal and interest, payable in arrears.

At Tuesday’s Council meeting, Councillors agreed to accept one of the offers provided that it remained the lowest rate at the time of acceptance of the loan.

Should the offer not remain the lowest at the time of acceptance, Council will accept the loan from whichever financial institution is the lowest at that point.

Council authorised the mayor and acting general manager to execute all relevant documentation.