The Town of Trenton will be temporarily borrowing $325,000 to pay for a new pumper truck it purchased a few months ago.
CAO Brian White said the town is required to go through a resolution process before they can issue a long-term borrowing of money. “We’ll be financing the purchase of the vehicle,” said White, who added that Trenton Fire Department made a financial contribution of $75,000 toward the cost of purchasing of the truck as well.
White noted that the town is borrowing from the Municipal Finance Corporation, a body that lends municipalities the money they need for capital assets.
At Tuesday’s meeting, Coun. Steven Stewart asked if the cost of the pumper truck itself was $325,000. White said the cost was actually less than that, but “for us to issue the debenture that we will have to issue for the pump truck, we have to go through a temporary borrowing first.”
The town is taking out a loan it will pay off over the course of 10 years. The borrowing of a greater amount of money than the cost of the truck was a formality in the borrowing process, since the cost of the original purchase of the truck has not been finalized. White noted the cost of the truck would actually be less than $325,000.
“We are basically going to finance the amount we need. We put in a higher amount to cover our bases.”
Council approved at its regular meeting six recommendations from discussions that took place at its previous committee of the whole meeting on Jan. 29.
These recommendations include paying for an $100 advertisement for the Mariposa East Skating Centre Junior Provincials Program; a $125 donation to the Coldest Night of the Year Campaign; a $100 donation for the Pictou County Fuel Fund; a donation of $100 for the Chignecto-East Regional Science fair – and the donation of the rink for the Trenton Elementary School’s Spring Fling, on May 12, and three hours of rink time for the Pictou County Junior B Scotians.
Trenton bid an official farewell to its deputy clerk, Susan Higdon. Higdon will be working as town clerk for the Town of Stellarton.
Council congratulated and thanked Higdon or her 14 years of work with the Town of Trenton.