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TOWN OF STONEWALL TO ISSUE SERIES "A" DEBENTURE

 
 
PRESS RELEASE
 
The Town of Stonewall has made arrangements to draw on a portion of the borrowing authority provided for the Lagoon Expansion Project.  

"In the current environment of rising interest rates the Council felt it was prudent to lock in some of the funds needed for the project”, stated Mayor McLean.

The Town is issuing a Series A Debenture for $2,000,000 as an initial draw on its approval.  By committing to the money now at a 4.125% interest rate, the Town will save an estimated $370,000 over the projected costs identified in Local Improvement Plan 01-2016 approved in March 2017.  Property owners in Stonewall will be receiving a letter from the Town shortly offering them the opportunity to prepay the per parcel levy for the Series A Debenture, or simply have the levy applied to the property tax bill for the next 20 years.

Construction of the Stonewall Lagoon Expansion Project is estimated to cost in excess of $5.5 Million.  The Town was able to obtain support for the project from the Government of Canada and the Province of Manitoba through their grant programs.

"It will mean that we need a second debenture in 2018 at the completion of the project, but we couldn’t ignore the savings and the risk reduction benefit of taking the money now” identified Mayor McLean.