Borrowing vote delayed
City Council will wait several more weeks before it votes on the best route to take to borrow the millions of dollars it needs to pay for basic infrastructure.
Council was expected to vote on the matter at either its Jan. 22 or Feb. 12 meeting. The vote may be delayed several more weeks until city officials can talk with the Nunavut government about GN grants to reduce the city’s debt load.
The council is choosing between two borrowing options that will help the city pay for road, water, sewer and recreation projects over the next five years. Iqaluit mayor John Matthews says the only way the city can carry out the projects is to go deep into debt.
The options include borrowing $35 million and asking the Nunavut government for a $19-million grant, or borrowing $24 million and getting a $39.9-million grant from the GN.