
'BORROWING REFERENDUM' FOR BLUE BRIDGE
Jul 9, 2009
VICTORIA'S MAYOR SAYS THREE THINGS WERE ON THE AGENDA AT THE STAFF UPDATE ON REPLACEMENT OF THE BLUE BRIDGE TODAY.
DEAN FORTIN SAYS BORROWING MONEY TO FINANCE THE CONSTRUCTION IS NUMBER ONE.
"AT THIS TIME WE'LL GO FORWARD ON A COUNTER PETITION TO BORROW THE FULL 60 MILLION DOLLARS, BUT OF COURSE, WE WOULD ONLY USE ABOUT 20 MILLION OF THAT BECUASE WE'RE LOOKING FORWARD TO THE OTHER TWO-THIRDS FUNDING COMING FROM THE PROVINCE AND FEDERAL INFRASTRUCTURE FUNDING."
THE CITY HAS ALSO RETAINED AN ORGANIZATION TO PREPARE ALL THE PERMITS NEEDED FOR THE PROJECT.
FORTIN SAYS THEY HAVE TO BE IN THE WATER BY NOVEMBER, AND THE CITY IS CURRENTLY MAKING SURE THEY ARE READY TO BEGIN WORK AS SOON AS THEY GET WORD ON FUNDING.