During a public council meeting last month, Bay Roberts council approved two motions to request funding.
The first was for $750,000 for a portion of the Shearstown Road project. The remainder will be financed through operations. The loan will have a five-year fixed term, with a 15-year amortization period.
The second was for $500,000 to convert short-term borrowing into longer-term borrowing, with the same term as the initial loan (five years with a 15-year amortization.)
The requests will have to be forwarded to the Department of Municipal Affairs for final approval.
Both motions passed unanimously.
The loan amounts were agreed to in the 2021 budget.
