$200 Million Of City Debt To Be Issued
This is a release from the City of Ottawa:
In accordance with Section 81(1)(e) of Procedure By-law No. 2022-410, the Chair of the Debenture Committee has called a Meeting for Thursday, November 30 at 3:30 pm. The meeting is to approve a by-law in order to authorize the issuance of debentures for debt financing of projects previously approved by Council, and to approve the Debenture Committee’s Terms of Reference.
This meeting will be held both in-person in the Honeywell Room on the second floor of Ottawa City Hall, and streamed live on YouTube For more information, please consult ottawa.ca/agendas.
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Step 1 in the Lansdowne 2.1 implementation? At today’s interest rates, probably in excess of $13 million/year to service the debt over 40 years. But who’s counting?
Has the tax INCREASE been set yet? If so it is NOT based on fact since this debt should be a part of it and if not, the servicing cost of this debt alone will add a point or two. How much do you as citizens of Ottawa like Landsdowne II now? and are you happy with your LRT, landfill projected costs etc.?
What we don’t know, but should, is how much of this $200 million in debentures is fresh debt and how much of it is replacing previous debentures that are reaching their maturity date. The latter category will likely be at higher interest rates than the debentures that are being replaced.