Effective April 1, the Regional District of Central Okanagan is conducting an Alternative Approval Process for proposed borrowing to cover construction costs associated with the Okanagan Regional Library branch in West sa国际传媒.
The Regional Board approved the use of an AAP for borrowing on behalf of the library during its meeting on March 20. The purpose of the AAP is to gauge elector support before authorizing bylaws that would permit the RDCO to borrow $2.5 millionon behalf of the ORL.
Previously, an AAP was conducted for the ORL, resulting in $8 million being borrowed to finance the build. An additional $2,500,000 is now required to cover the remaining construction costs.
There will be no financial impact on the RDCO, as the Okanagan Regional Library has agreed to pay all debt and costs associated with the borrowing process, given its inability to directly access Municipal Finance Authority financing.
Before approving the two proposed bylaws elector approval is required. Residents who support the proposed borrowing do not need to take any action.
Those opposed must submit an Elector Response Form, with an original signature to the RDCO Corporate Officer at 1450 KLO Road, sa国际传媒, BC, by 4 p.m. on Thursday, May 1. The form is available online at or in person at the RDCO Office at 1450 KLO Road or either the West sa国际传媒 City Hall or West sa国际传媒 Library.
Special to The Courier
