A8 - The Terrace Standarcl, Wednesday, November 10, 1

New bonds could lower multiplex tax

THE COST of borrowing the money (o build a multiplex, if approved by area voters Nov. 20, could be reduced by using a new type of bond, says its backer.

Instead of borrowing all of the money from large fi- nancial institutions, local residents would be asked to buy communily bonds, says Jim Craven of the Municipal Finance Authority (MFA); which finances larger-scale Sewer, water, recreation and other projects of local gov- ¢mments in B.C. me ;

They are RRSP-eligible and-would pay more than a GIC or other type of secured investment at.a bank or other institution, but less than what those institutions would charge, he said. oe

Cost savings would then be the difference between what the community bond would pay and what insitu- tions would charge, Craven added.

As an example, Craven said the MFA would likely pay 6 per cont at current rates to borrow the $7.5 million for the multiplex. -

But if all the money was raised by selling community bonds at 4 per cent, the 2 per cent savings works out ta $150,000 a year.

“Over the projected 20 year borrowing, that would be $3 million,” said Craven.

“fm sure if you saw that type of money lying on the road, you'd stap to pick it up.” |

Legislation is already in place to set up community bonds and the tiny fishing village of Sointula on an is- land off the coast is the first to take advantage.

There, residents bought $500,000 worth of community bonds for a sewer project, said Craven. -

In terms of a recreation complex, Craven said local investments would build pride in the project.

“The pride would come through ownership of the faci- lities,” he said.

Security for the bands would come from the MFA

which enjoys the highest credit rating ranking available

in North America.

“Thirteen other communities in B.C. from the Koate- nays to the Lower Mainland to Vancouver Island are also looking at community bonds,” said Craven.

Typically, a bond drive would require a local body or group to promate their purchase.

Craven said that role could be filled by a credit union which would earn an administrative fee.

“And this type of bond would fit the philosophy of a credit union,” he said,

Craven swectened the community bond idea by say- ing he has persuaded Forest Renewal B.C. to invest $10 million with the MFA.

“They’ve agreed to match by an equal amount, the amount of money raised by the purchase of community bonds,” he said.

“But this is on a first come, first served basis,” Cra- ven added.

The MFA executive director explained the bond idea to the Thorohill and Terrace multiplex information ses- sions last week. He also talked ‘to the Terrace and Dis- trict Chamber of Commercé'diid to Terrace city council.

Highway accident kills Kitwanga man

A KITWANGA min is dead and two other people are in hospital with non-life threatening injuries after a single vehicle rollover on Hwy16 East Oct. 31.

Terrace RCMP and emergency response vehicles were called to the accident at St. Croix Creek, between Terrace and Cedarvale around 11:20 p.m.

The vehicle was heading east, when the driver of the vehicle fost control and rolled into a ditch.

Lloyd Cannon Milton, 61, was killed in the accident. The two other people were treated at Mills Memorial Hospital.

RCMP are investigating the accident,

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