The Regional District of Nanaimo is using its borrowing power to help the Vancouver Island Regional Library to the tune of $8 million.
The regional library approached the RDN to borrow the money on its behalf for expansion and renovation of its offices at 6250 Hammond Bay Rd. into a full lending branch.
The library would be responsible for all costs to service the borrowing, as well as any out of pocket costs the RDN might incur.
The library must register a mortgage as security on the property and pay all costs associated with the debt.
The RDN board introduced three borrowing bylaws Tuesday which must still receive provincial government approval.
Elector approval of the bylaws and the borrowing agreement is to be obtained by the alternative approval process provided by the Local Government Act.
If more than 10 per cent (11,018) of the electors oppose the initiative, the bylaws can only be adopted by referendum.
The deadline for objections to the initiative is June 27. Objection forms will be available at the RDN office at 6300 Hammond Bay Rd.
For more information, please call 250-390-4111 or go to www.rdn. bc.ca.