Council agree over £588,000 in loan sanctions

BALLYMONEY Borough Council has accepted 11 loan sanctions totalling £588,576.
By The Newsroom
Published 14th Jan 2010, 09:59 BST
Updated 18th Jan 2010, 13:47 BST

During a recent Corporate and Central Services Meeting, members heard that the loans included 250,000 for the Robert Dunlop Memorial Garden, 49,236 for the upgrading of facilities at the Joey Dunlop Leisure Centre and Riada Stadium plus 28,994 for replacement litter bins and 36,996 for replacement IT equipment.

The report explained: “The following Loan Sanction applications were considered.

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I. Provision of a Robert Dunlop Memorial Garden. Estimated cost 250,000. Loan to be repaid over 30 years.

II. Replacement IT Equipment. Estimated cost 36,996. Loan to be repaid over 3 years

III. Replacement Plant and Vehicles. Estimated cost 42,095. Loan to be repaid over 7 years

IV. Replacement Litter Bins. Estimated cost 28,994. Loan to be repaid over 10 years

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V. Upgrade of Facilities at Joey Dunlop Leisure Centre and Riada Stadium. Estimated cost 49,236. Loan to be repaid over 10 years

VI. Riada Stadium. Estimated cost 39,749. Loan to be repaid over 20 years

VII. Replacement Roof at Knock Road Depot. Estimated cost 28,724. Loan to be repaid over 20 years

VIII. Provision of Carpark at Rasharkin Cemetery. Estimated cost 12,660. Loan to be repaid over 20 years

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IX. Provision of Crosstagherty Civic Amenity Site Bunkers. Estimated cost 15,765. Loan to be repaid over 20 years

X. Refurbishment of Town Hall. Estimated cost 9,357. Loan to be repaid over 20 years

XI. Refurbishment of Killyrammer Community Centre. Estimated cost 75,000. Loan to be repaid over 20 years

“Loans (II) to (XI) relate to the re financing of capital expenditure so that funds are available to match the landfill site closure and aftercare costs provision rather than putting the cost directly on the rates.

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“The Head of Finance & IT clarified the terms and conditions applicable to the loan applications and the drawing down of funds. He responded to questions from members on the impact of loan sanctions on rates and advised that an annual total repayment amounted to 1% (approximately 40,000). Officers will report back to committee prior to draw down of loans regarding other potential options.

“It is recommended that an application is made to the Department for Loan Sanction approval for the projects.”

It was proposed by Cllr Anita Cavlan, seconded by Alderman Harry Connolly that an application is made to the Department for Loan Sanction approvals as detailed in items 1 – X1 above.