
City councillors set to give final approval for pair of Build Kamloops borrowing bylaws Tuesday
KAMLOOPS — A pair of Build Kamloops borrowing bylaws will be going before Kamloops city councillors for a final vote on Tuesday (April 8).
Councillors have already adopted the two loan authorization bylaws that allow staff to borrow up to $140 million to construct a performing arts centre downtown, and up to $135 million for a four-sheet arena multiplex in Dufferin as well as future Build Kamloops initiatives.
“The purpose of this report is to complete the legislative requirement of providing municipal security resolutions to the Thompson-Nicola Regional District and the Municipal Finance Authority (MFA) of British Columbia to enable the City to borrow funding for the Build Kamloops initiatives,” a City of Kamloops staff report said.
It notes that the final step in requesting borrowing from the Municipal Finance Authority is to obtain consent from the Thompson-Nicola Regional District.