Notice of an Alternative Approval Process (AAP)
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This notice is to advise electors of the Village of Cumberland that the Village is seeking elector approval to adopt a loan authorization bylaw to borrow up to an additional $2.5 million for a maximum term of 20 years for construction of the wastewater treatment upgrade project.
This proposed borrowing would result in an additional increase in taxes to cover capital debt repayment and interest for the project. The financial impact of the additional borrowing of $2.5 million over a 20 year debt term at a 4.5% interest rate is estimated to be $113 per parcel to be added to property owners’ annual tax levy starting in 2026, for 20 years, once the project is completed. This is in addition to the borrowing previously approved in 2018 that will add an estimated $199 in taxes per parcel per year.
Approval to adopt “Wastewater Upgrade Project Loan Authorization No. 2 Bylaw No. 1207, 2024” is being sought through an alternative approval process (AAP). The Council may adopt the bylaw unless by June 11, 2024 at 4 p.m. at least 348 electors, which is 10% of the electors of the Village of Cumberland, sign and submit an elector response form opposing the borrowing unless the Village of Cumberland holds a vote.
Elector responses must be submitted in the form established by the Village, or an accurate copy of the form. Forms are available at the Village office and at cumberland.ca. The only persons entitled to sign the forms are the electors of the Village of Cumberland. Completed elector response forms must be submitted to the Village Office by the deadline of June 11, 2024 at 4 p.m.
Find more information on the wastewater upgrade project and this alternative approval process and by contacting the Village of Cumberland office at 250-336-2291.
This notice will be published in the Comox Valley Record on May 1 and May 8, 2024.
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