DAWSON CREEK, B.C – The Peace River Regional District has paid off a $2.9 million loan, which saves residents from paying interest and principal costs.
On Tuesday, the PRRD announced they had paid off the loan used to build five water fill stations in electoral area B.
The borrowing payments would have extended 20 years.
Paying off the loan with funds from the Peace River Agreement and gas taxes will save residents paying interest payments of approximately $887,400, which is on top of the principal costs.
“This will save the residents from having to pay the long term borrowing principal and interest payments for many years to come,” says the PRRD.
The district authorized the Water Capital Project to be paid out using $1.9 million from Area B Agreement, and $1 million from the Community Works Gas Tax fund.
The Rural Budgets Administration Committee approved the repayment plan in October.
The PRRD opened potable water stations in Buick, Feye Spring, Prespatou, Boundary Lake, and Rose Prairie in 2019.