Quesnel City Council has approved the financing to purchase some new mobile equipment for 2024.
Director of Finance Kari Bolton provided a report at last (Tuesday) night’s meeting.
“The recommendation is that Council and the City of Quesnel authorizes up to 750 thousand be borrowed from the Municipal Finance Authority for the purpose of purchasing mobile equipment in 2024, and that the loan be repaid within 5 years with rights of renewal.”
It is already part of the 2024 capital plan but formal approval was needed by Council.
The current interest rate to borrow money from the Municipal Finance Authority is 4.96%, down from 5.62 last year.
The total cost is just under 1.3 million dollars and is for a new landfill compactor which accounts for 950 thousand dollars.
The other money will be spent to buy a forklift for stores, a tractor for the cemetery, and a tractor for parks.
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