By Chad Feehan
Local Journalism Initiative Reporter
October 27, 2023 Edition
The Town of Bay Roberts will ask the Province for permission to make three new loans with the Bank of Montreal to cover its share of funding for capital works projects. The loans were already planned for in this current year’s budget.
The first loan is for the Town’s share of upgrades to Water Street to the tune of $1.3 million. The second is for the Shearstown Road project, totaling $737,485, and the final loan is for the Town’s portion of its 2023 capital purchases, totaling some $370,000.
Staff need council approval to proceed with the loans, after which the documents will be sent to the Province for further review and approval.
Another loan totaling $750,000 for the Shearstown Road project had previously been agreed to in the 2021 budget.