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Elliot Lake Approves $5 Million Temporary Borrowing By-Law

3/15/2025

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Summary

Story summary

Elliot Lake's council has taken a proactive step by unanimously approving a by-law for temporary borrowing of up to $5 million to ensure smooth cash flow. Interim CAO Rob deBortoli emphasized that this measure acts as a safety net against potential cash shortages, marking a significant move as the city hasn't borrowed in recent times.

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Story summary

Elliot Lake's council has taken a proactive step by unanimously approving a by-law for temporary borrowing of up to $5 million to ensure smooth cash flow. Interim CAO Rob deBortoli emphasized that this measure acts as a safety net against potential cash shortages, marking a significant move as the city hasn't borrowed in recent times.