Town of Osoyoos Approves Well-managed Borrowing Bylaw

The Town of Osoyoos has approved a bylaw to borrow up to $1.5 million this year, ensuring a facility is available if needed but not yet accessed.

According to the Times Chronicle, the Town of Osoyoos has approved a bylaw for well-managed borrowing. This bylaw sets the town's borrowing facility at $1.5 million for the year.

Mayor Sue McKortoff stated that the town has never accessed the line of credit, and CFO Nicolette Keith clarified that the bylaw does not mean the town will borrow funds. The town's line of credit with Bank of Montreal is available for temporary funding needs.

The approved bylaw ensures that the borrowing facility is available if needed but not yet used. This measure provides flexibility for the town in case of unexpected expenses or financial requirements.