REGINA – The city of Regina has received a debt limit increase of $100 million from the Saskatchewan Municipal Board, allowing the city to now borrow up to $450 million.
This new debt limit increase is effective until December 31st, 2016 and after that, a review of the debt limit will be required.
“This allows us to continue to make plans for a number of capital projects that will require financing in the future,” said Deputy City Manager & CFO Brent Sjoberg. “The increase is required to receive the $100 million loan from the Province of Saskatchewan for the Stadium Project and still enable the City to borrow funds for other projects.”
Currently the city has a credit rating of AA+ and $81.5 million in outstanding debt as of December 31, 2012.
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