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Notice of Capital Financing Agreements – Regional Broadband Infrastructure

Public Notice is hereby given that on Wednesday, May 26, 2021 the SRD Board intends to proceed with final passage and adoption of Bylaw No. 428, being Broadband Infrastructure Capital Financing Agreements Authorization Bylaw 2021.

Public Notice is hereby given that on Wednesday, May 26, 2021 the Board of Directors for the Strathcona Regional District intends to proceed with final passage and adoption of Bylaw No. 428, being Broadband Infrastructure Capital Financing Agreements Authorization Bylaw 2021, which would authorize the Regional District to enter into agreements with City West Cable and Telephone Corporation (City West) to provide funding for the construction of broadband infrastructure in Gold River, Sayward, Tahsis, Zeballos, Cortes Island and Quadra Island.

Under the terms of the proposed agreements the Regional District would lend up to $12,540,255 to City West for the construction of high-speed broadband infrastructure in the above noted areas. City West would reimburse the Regional District annually for all debt costs (principal and interest) and other costs incurred by the Regional District in relation to the borrowed funds. The public’s investment in the project would be protected by holding a security interest in the physical assets of the project as collateral for the loan. In addition, the Regional District would share in the net profits realized from the operation of the broadband infrastructure in several of the above noted communities for at least 20 years.

The full text of Bylaw No. 428 can be viewed online at www.srd.ca/bylaw-428 or in person at the Regional District office during regular business hours until Wednesday, May 26, 2021. Further information regarding this matter may be obtained at www.srd.ca.

Those persons who wish to object to the passage of Bylaw No. 428 or who believe that the proposed agreements are not in the public interest may file a written objection with the Regional District before 12:00 noon on Friday, May 21, 2021 for consideration by the Regional Board.

Tom Yates, Corporate Services Manager
Email: administration@srd.ca