Saugeen Shores is going to borrow up to seven million dollars to get the sewer project north of the Saugeen River done.
Treasurer Lori Sweiger says because the construction is dependent on grant funding, there’s usually a gap between the time the claims are put in and when they are paid.
Sweiger also says there’s about five million dollars that will come from benefiting property owners but that money won’t be seen until early next year.
She says the bottom line is the 20-million-dollar project, at this point, is expected to come in under budget.
If the town needed to use all of the seven-million dollars loan — based on the prime rate signed at the time — Saugeen Shores would pay over 17 thousand dollars a month in interest.
