At its meeting on September 6, 2016, Council gave three readings to Infrastructure Master Plan Financing Loan Authorization Bylaw No. 508, 2016, which would authorize the municipality to borrow up to $3 million, and directed staff to forward the bylaw to the Inspector of Municipalities for approval. Once approved by the Inspector, the bylaw will be put to the electors of Lions Bay in a referendum on November 19, 2016, in conjunction with a by-election to be held that date to fill the vacant Council seat. The ballot question voters will be asked is: Are you in favour of the Village of Lions Bay borrowing up to $3 million over the next five years, amortized for up to 30 years, to help fund the capital projects described in Infrastructure Master Plan Financing Loan Authorization Bylaw No. 508, 2016?
The objective in seeking elector assent for borrowing up to $3 million is to address the critical risks identified in the Infrastructure Master Plan by leveraging loan funds through federal and provincial infrastructure grants. In doing so, there is an opportunity to greatly reduce the tax burden to the residents of Lions Bay. More importantly perhaps, due to the costs of upgrading and replacing infrastructure, most if not all of these projects would not be possible without both grant and loan funding to lessen and spread out the financial impact of these investments in the safety and security of Lions Bay’s critical water services.
To the extent that the Municipality is unsuccessful in pursuing infrastructure grants, there is a good possibility that the full amount of the loan funding authorized will not be borrowed. As grants are obtained and projects are finalized and approved, the Municipality will then request security issuing bylaws from the Greater Vancouver Regional District (Metro) in order to draw the requisite funds. Assuming the full amount is in fact borrowed in due course over the 5 years that the loan authorization remains valid, the carrying cost for the average household would be about $267 per year.
Infrastructure Master Plan Financing Loan Authorization Bylaw No. 508, 2016 is drafted to meet the statutory requirements of the Community Charter. Information about the details of the Capital Works described in the bylaw will be communicated to the community through a number of avenues including the Municipal website, the Village Update, posting of information on Village notice boards, and through direct mail. The Municipality will endeavour to provide accurate and balanced information in a transparent manner so that eligible electors can make an informed decision about the bylaw.
TOWN HALL PRESENTATION MATERIAL