The town of Oliver has received authorization to borrow close to $6.5 million for the Gallagher Lake Water Siphon. (Google Maps photo)

The town of Oliver has received authorization to borrow close to $6.5 million for the Gallagher Lake Water Siphon. (Google Maps photo)

Over $6M in borrowing approved for water siphon in Oliver

Regional District of Okanagan-Similkameen adopts borrowing bylaw for Gallagher Lake Water Siphon

The town of Oliver will be able to borrow up to $6,480,000 for the Gallagher Lake Water Siphon.

On Dec. 16, the Regional District of Okanagan-Similkameen board read and adopted the borrowing bylaw.

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In November, Oliver town council adopted a loan authorization bylaw for the borrowing. The town’s loan authorization bylaw had been reviewed by the Ministry of Municipal Affairs and a certificate of approval had been granted.

Money will be borrowed under a 25-year term with principal and interest payments funded by user fees and parcel taxes.

The debt servicing will be added to the regional district’s five-year financial plan.

While the town council in Oliver had passed its borrowing bylaw, approval from the regional district is also required in the borrowing process.

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Okanagan-Similkameen Regional District