North Battleford has introduced a debt bylaw covering $24 million in borrowing for the Credit Union CUPlex,
The debt bylaw was created for the purpose of constructing all four components of the CUPlex, including the performing arts centre, aquatic centre, curling rink and field house.
A resolution for a swap agreement with the Bank of Montreal for $24 million in debt financing for the CUPlex had already passed at the previous council meeting in August. That gave administration the go-ahead to bring forward the debt bylaw to council at Monday's meeting.
The debt bylaw had the support of almost all of council at Monday's meeting, but will have to wait until the next council meeting before it is signed and sealed.
Councilor Trent Houk, a vocal opponent of the level of debt the city is taking on for the CUPlex project, cast the lone "no" vote during a recorded vote on second reading, and then refused the unanimous consent needed to move the bylaw to third reading. It appears certain, however, that despite Houk's opposition the debt bylaw will receive third reading and final passage at the next council meeting in two weeks.
