Charlottetown city council awarded TD Bank the tender for its long-term debt financing.
TD Bank is lending the municipality $35 million at a fixed rate of 2.87 per cent over 20 years.
The city is refinancing its existing line of credit, which has been used for capital expenditures. Some of the funds will go toward capital expenditures in the 2019-2020 and 2020-2021 fiscal years.
The finance department and the committee have also been preparing for the end of the current fiscal year and the beginning of the new fiscal on April 1, 2020.
An open house to gather public feedback will take place on Jan. 28 from 6 p.m. until 7:30 p.m. at City Hall for anyone who would like to review the city’s budget documents, ask questions or make suggestions for the upcoming budget.
This event will provide residents with the opportunity to meet with committee members, Council, departmental managers and staff to address any budget-related questions or provide suggestions on what the city might be able to do in its 2020-21 capital and operational budgets.