Letter to the Editor
Editor,
We were shocked reading in the March 10 Independent that Treasurer Darcy Chapman revealed that the Municipality could shoulder a debt of $42.68 million at an interest rate of 5 percent over 20 years. What will happen if this percentage increases and the loan must be reset?
We were happy to see the debt of Meaford Hall has been reduced. We remember the provincial government’s loss of millions in revenues over past years of tenure. They are going into deep debt, supposedly on our behalf.
We watched the television documentary Forecaster on TVO March 16th. The warnings are out: banks will begin to raise their loan costs, the Euro is going to fall in value, and massive world borrowing without plans of repayment will not be able to sustain a world economy.
COUNCIL — KEEP THE BRAKES ON
Pat and Ben Kortland, Meaford
Editor’s note: While Meaford could assume such a large amount of additional debt, there are not plans to do so at this time, though Meaford’s Treasurer has noted that the current low interest rates might make for a wise use of new debt for specific infrastructure projects.
