The City of Trail has passed a Loan Authorization Bylaw to borrow $1 million from the Columbia Basin Trust. This will provide financial assistance for the airport terminal project. Mayor Mike Martin says they’ve been working on this agreement with the CBT for quite some time.
Martin says the loan will help the city replenish its reserves. When the agreement is finalized the city will make $50,000 payments each year until its paid off starting in 2019.
Martin says the 20 year loan is interest-free. He says that means the city will save a lot of money.
The CBT must finalize the loan by March 31.
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