
$2.5 million in further borrowing needed for Okanagan Regional Library
The Regional District of Central Okanagan (RDCO) seeks to borrow a further $2.5 million for the remaining construction costs for the Okanagan Regional Library (ORL) branch at the new West Kelowna City Hall building.
So far, $8 million has already been borrowed for the facility.
Using the Alternative Approval Process, 10 per cent of the plus-200,000 qualified electors would need to formally oppose the borrowing by May 1 to force a referendum on the matter.
In a media release, the RDCO said there would be no financial impact as the Okanagan Regional Library has agreed to pay all debt and costs associated with the borrowing process. The ORL was unable to access Municipal Finance Authority financing.