TNRD authorizes borrowing $3.3 million for Sun Peaks water reservoir, system upgrades

Photo: Castanet Staff

Sun Peaks Mountain Resort Municipality is looking to construct a new potable water reservoir and upgrade its water system having secured regional district board approval to borrow $3.3 million for the project.

In a July meeting, the Thompson-Nicola Regional District board of directors authorized borrowing the funds from the Municipal Finance Authority of B.C. over a 20 year term for the municipality project.

According to a Sun Peaks municipality bylaw, the upgrades are being sought as the current water supply is not sufficient to meet the community’s needs.

The document said the municipality is seeking to purchase a concrete water reservoir and construct water upgrades in order to expand potable water services and provide better water flow for fire protection.

A water transmission line will be constructed from the surface water reservoir to a water treatment plant.

A TNRD staff report said regional districts will finance long-term debt through the Municipal Finance Authority of B.C. for their member municipalities.

“Any financial implications are the responsibility of Sun Peaks, who will be responsible for raising funds for annual debt payments for 20 years, with the exception that the TNRD takes on a contingent liability for the payments if missed. This is the regional district’s role in the matter,” the report said.

A bylaw authorizing the borrowing was given its first three readings and then adopted by TNRD directors.