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DAWSON CREEK, B.C. — The Peace River Regional District board has approved a bylaw that would allow the district to borrow money should the need arise.
Section 404 of the Local Government Act allows the district to borrow money in anticipation of its tax requisition.
The 2023 Revenue Anticipation Borrowing Bylaw allows the regional board to borrow up to $6 million if it becomes necessary to upkeep operations before the tax requisition on August 1st, 2023.
The Local Government Act requires that any money borrowed, should this bylaw be enacted, be repaid once the requisition has been received.
To date, this bylaw has never been enacted. Its adoption by the board is anticipatory and will allow the finance department the authority to borrow the money should the need arise.
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