Alternative Approval Process: Equipment Financing
City of Prince George Equipment Financing Bylaw No. 9199, 2021 received the first three readings at the regular Council meeting held April 12, 2021 and Final Reading for adoption on June 14, 2021.
The annual replacement and addition of vehicles and capital equipment are financed through the Municipal Finance Authority (MFA) Equipment Financing Program. Through these loan agreements, the City retains ownership of the asset and is charged a low variable interest rate based on the Canadian Dealer Offered Rate with fixed payment schedules. The interest rate on the Equipment Financing Program as of April 6, 2021 is 0.92 per cent.
All equipment financing loan agreements will be for a term no longer than fifteen (15) years to match the expected service life of the new mobile equipment. City of Prince George Equipment Financing Bylaw No. 9199, 2021 assumes an interest rate of 0.92 per cent. The cost of the projects associated with the Bylaw is one million six hundred and fifteen thousand dollars ($1,615,000.00) and would result in annual debt servicing costs of one hundred and fifty two thousand one hundred eighty one dollars ($152,181.00). In terms of tax levy implications, annual debt servicing costs of $152,181.00 would result in 0.13 per cent of future tax levy increases.
The following documents provide more detailed information on the above bylaw:
Elector Eligibility and Applicable Area
To participate in the Alternative Approval Process, the Elector must be located in the applicable area and meet the criteria to sign an Elector Response Form as a resident elector or non-resident property elector.
The Alternative Approval Process applies to the entire area of the City of Prince George.
Proposed AAP Schedule
The following schedule is proposed for the conduct of this Alternative Approval Process:
Thursday, April 22, 2021 - Publication of First Notice in a newspaper.
Thursday, April 29, 2021 - Publication of Second Notice in a newspaper.
Tuesday, June 1, 2021 at 5:00pm - Deadline for submitting Elector Response form.
Monday, June 14, 2021 - Corporate Officer report results of Alternative Approval Process at Regular Council Meeting.
City Council may proceed with the adoption of Bylaw No. 9199, 2021 unless by
5:00pm on Tuesday, June 1, 2021, at least 10 per cent of the electors submit a signed Elector Response Form for Bylaw No. 9199, 2021 indicating that Council must obtain assent of the electors by a referendum vote before proceeding with the adoption of Bylaw No. 9199, 2021.
For the purpose of the Alternative Approval Process, Council has determined there are 58,852 electors in the City of Prince George. The municipal Council may therefore proceed with the adoption of Bylaw No. 9199, 2021 on an individual basis unless at least 5,885 electors (10 per cent) submit a completed copy of an Elector Response Form for the proposed bylaw to the City of Prince George before the deadline of
5:00pm on Tuesday, June 1, 2021.