That the capital cost recovery for the Grand Bend Truck Sanitary Sewer Phase One Project be as follows;
- $322,000 from Development Charges
- $1,319,000 from Water Reserves; and
That the $1,319,000 borrowed from the water reserves will be repaid with interest as follows;
- $876,000 to be repaid from future Development Charges Revenues;
- $443,000 to be repaid from future wastewater rate revenues; and
That the internal borrowing will be repaid using the Corporation’s interest payment rate applicable on the date the financing of the project was approved(June 22, 2020) the Corporation’s interest payment rate is prime (2.45%) less 1.65% = .80%.