Goldstream News Gazette, October 12, 2012

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NEWS: Cat returns with embedded arrow /A3 ARTS: William Head brings The Hobbit /A14 SPORTS: Rebel rushes into record books /A17

GOLDSTREAM Friday, October 12, 2012

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NEWS GAZETTE

Deborah Coburn 250.812.5333 Roy Coburn 250.812.1989

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View Royal sets terms Interest rate an estimate, but term of loan decided Kyle Wells News staff

Kyle Wells/News staff

Brush battle View Royal volunteer firefighter Kent McLeod helps to put out a brush fire that flared up beside the Galloping Goose Trail near Stancil Lane last Friday. Dry conditions continue to keep high fire risk. See story page A3. *

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View Royal residents will go to referendum Nov. 24 and now they’ll know the terms of the loan for a proposed new fire hall. Of four options brought forward by municipal staff at a recent meeting, council followed staff’s recommendation to seek a 20 year loan at an estimated interest rate of 3.5 per cent. That rate is based on current interest rates, which could change by spring 2013, when the town would actually take out the loan. A loan of $5,490,000 is projected to cost $3,843,000 in interest over the 20 years. Of that $1.8 million will be repaid through actuarial funds generated by investments made by the Municipal Finance Authority of B.C., the agency issuing the loan, estimated to be at a rate of four per cent. The total amount to be paid back by the town is estimated to be $7,530,276. Annual payments of Graham Hill the loan would amount to $376,514. Of that, $27,000 would come from non-residents, namely First Nations communities, with the rest to be paid by View Royal residents. For an average single-family residence this would amount to a property tax increase of $85 per year, or $7 per month, for a 6.7 per cent increase to taxation. The cost to businesses would be an estimated average $648 per year. Borrowing money through the Municipal Finance Authority means lower interest rates for the town, Mayor Graham Hill said. Should council have chosen a 25-year loan it would have cost the town an estimated additional $569,116 in interest. PLEASE SEE: Procedure bylaw to be reviewed, Page A2

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