A bylaw to increase the City of Lethbridge's access to funds was given a successful third and final reading today.
The approved bylaw specifically increases the current line of credit borrowing from $10-million to $60-million for any needs as the COVID-19 pandemic continues. The first and second readings of the bylaw took place at City Council's March 23 meeting where it did not reach a unanimous vote.
Councillor Rob Miyashiro who moved the bylaw says it just makes sense to increase the ability to support our city in uncertain times.
"We don't know how this pandemic will impact our region from one day to the next so we felt it was prudent step in order to be prepared for the future," says Miyashiro.
Mayor Chris Spearman echoed Councillor Miyashiro's comments and added he felt it is in the best interest of residents to be as prepared as possible.
"The fall out for our local economy is largely unknown at this point so we want to be in a position to be able to help our residents and business community where we can," says Spearman. "We know that many families may not have the means to make their regular household payments right now so we have to be financially stable enough to withstand those changes."
The bylaw comes into effect immediately and was approved in a 7 to 2 vote.
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