Municipalities of Saskatchewan in search of interest-free funding from the province
The Municipalities of Saskatchewan (MOS) has pitched an idea to the province which would allow municipalities the opportunity to borrow funds interest-free, so they can keep up with the financial demands of the COVID-19 global pandemic.
President of MOS, Gordon Barnhart told 650 CKOM Tuesday that the fund would allow municipalities to borrow in the case of deferred property taxes or low operating expenses.
“In the meantime, those municipalities are still having to pay the cost of the vital services, like salaries,” he said.
“The municipalities could make a loan on (the deferred taxes) on a short term basis. It would all be paid back when the taxes come in, but the municipality wouldn’t be out the interest in the meantime.”