2021-11-03

Final loan payment renders MODL debt-free

by GAYLE WILSON

The Municipality of the District of Lunenburg (MODL) reached a milestone last week, making the final payment on an infrastructure loan it secured 16 years ago. In doing so, the municipality became debt-free, a distinction it shares with only one other municipality in the province, that of Pictou County.

"The decision to invest in infrastructure was made in 2005 by the council of the day. It was an excellent decision contributing to significant growth in the area," MODL's mayor, Carolyn Bolivar-Getson, told members of the current council at their meeting on Oct. 26.

The original loan of $3.640 million was aimed at spurring development in Osprey Village in Cookville, including water and waste water services.

There's now more than $31 million in commercial assessment in Osprey Village, "and the development provides employment and services to the region," said the mayor.

The municipality has been steadily paying off multiple loans, which at is highest (in 2007) amounted to $17, 385 million, according to Sarah Kucharski, MODL's communications officer.

"With this final payment, MODL has become one of just two municipalities in Nova Scotia to become debt-free," the mayor emphasized.

Bolivar-Getson suggested the achievement is the result of sound financial management over more than a decade "by councils who truly understood the importance of wisely managing taxpayers' dollars."

She said it is also the result of staff dedication to managing resources effectively and working with a high degree of efficiency within financial constraints.

"Being debt-free means we are no longer paying for the past infrastructure investments. These funds can now be reinvested in maintaining existing infrastructure like roads, parks, wastewater treatment systems or in developing new infrastructure to serve our residents," the mayor added.

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