Notice of Alternative Approval Process - Proposed adoption of Vancouver Island Regional Library Borrowing Service Establishment Bylaw No. 614, 2017 and Vancouver Island Regional Library Loan Authorization Bylaw No. 615, 2017

Notice is hereby given that the Board of the North Coast Regional District (NCRD) proposes to adopt the “Vancouver Island Regional Library Borrowing Service Establishment Bylaw No. 614, 2017”, to establish a service for the NCRD to borrow funds on behalf of the Vancouver Island Regional Library (VIRL) and the “Vancouver Island Regional Library Loan Authorization Bylaw No. 615, 2017”, to authorize the borrowing of up to One and a Half Million Dollars ($1,500,000) to lend to the VIRL for construction and renovation of library facilities in the Village of Queen Charlotte, the Village of Masset and Sandspit. Under an agreement with the NCRD, the VIRL would service the $1,500,000 debt for the construction of facilities. The maximum requisition of $170,000 contained in the borrowing service establishment bylaw is a safeguard to be levied only in the event that the VIRL is unable to meet is debt service obligations under its agreement with the NCRD. Further information may be found here.