Tofino Cancels $6 Million Loan Authorization for Wastewater Project
Tofino has rescinded its authorization for a $6 million portion of a $16 million loan designated for wastewater treatment, having secured sufficient funding through a $10 million loan and support from Indigenous Services Canada. This decision allows the district to reduce debt-servicing costs and enhance future borrowing capacity.
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Tofino has cancelled the authorization for an additional $6 million loan, opting to proceed with a $10 million loan obtained in 2024. The initial loan request was part of a $16 million financing plan for a $79 million wastewater treatment project, which became operational in 2024, supported by multiple government levels.
The project received $2.1 million from Indigenous Services Canada, enabling cost reductions. By eliminating the extra loan authorization, Tofino can lower its debt obligations and improve borrowing flexibility for future projects. The successful management and funding of this project is notable in municipal contexts.
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