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Public Library Capital Financing

Notice of Capital Financing Agreement



Public Notice is hereby given that on Wednesday, March 25, 2020 the Board of Directors for the Strathcona Regional District intends to proceed with final passage and adoption of Bylaw No. 381, being Campbell River Public Library Capital Financing Agreement Authorization Bylaw 2020, which would authorize the Regional District to enter into an agreement with the Vancouver Island Regional Library (VIRL) to provide funding for a new public library facility in Campbell River.

Under the terms of the proposed agreement the Regional District would lend up to $14 million to the VIRL for the construction of a new public library facility and the borrowed funds would be repaid by the VIRL in annual installments to cover all principal, interest and other costs incurred by the Regional District in relation to the project. The transfer of capital funds to the VIRL would be conditional on the Regional District receiving the approval of the electors to establish a capital financing service and to borrow funds for the project. The public’s investment in the project would be secured through registration of a mortgage against the title to the library facility property.

The full text of Bylaw No. 381 can be viewed online HERE or in person at the Regional District office during regular business hours until Wednesday, March 25, 2020.

Those persons who wish to object to the passage of Bylaw No. 381 or who believe that the proposed agreement is not in the public interest may file a written objection with the Regional District before 12:00 noon on Friday, March 20, 2020 for consideration by the Regional Board.

Tom Yates, Corporate Services Manager