Borrowing to buy

Council has approved a by-law to borrow almost $200,000 to purchase land north of Stayner.

At its last meeting on July 14, Council voted unanimously to authorize the borrowing of $188,039.85 to pay for the land.

The area is located at 5825 Nottawasaga 27/28 Sideroad, beside the Sewage Treatment Plant and adjacent to the Public Works Building.

It will be the location of the new sewer pumping station that will connect Stayner to Wasaga Beach, plus the sewer mains as well as parkland.

The Township will borrow the money from the Toronto Dominion Bank at 2.45 per cent interest over a period of five years, in accordance with the terms of the Ontario Municipal Act, 2001.

This interest rate is lower than the 5 per cent for which the Township originally budgeted. This means that Clearview will save approximately $15,000, Treasurer Edward Henley said.