Ekurhuleni proposes a loan of R3.6 billion
Comments on the proposed loan should be addressed to the head of Treasury by August 30.
THE City of Ekurhuleni is proposing taking loans to the total of R3.6-billion to fund capital expenditures.
The loan was originally proposed as a possibility at the budget meeting of the Independent Development Plan on April 17. Members of the public had the opportunity to comment on the proposed budget till the end of that month.
In accordance with section 46(3)(a)(i) of the Local Government Act the city is required to make any prospective loans known to the public to provide the public with the opportunity to comment and bring forth alternatives. The proposed loan was made public on August 10, opening the opportunity for comment from the public.
The total cost to the municipality of the loan, which is expected to mature in 15 years, has not yet been determined. No security is to be provided on the side of the city. The proposed system of repayment for the loan is a coupon system with a fixed or floating interest rate payable in semi-annual arrears.
Written comments on the proposed loan can be addressed to Thato Matsafu, divisional head of Treasury, City of Ekurhuleni, P.O. Box 66, Benoni, 1500. Alternatively it can be emailed to Thato.Matsafu@ekurhuleni.gov.za.
Anyone not able to write may come to the fourth floor, Office 407 on 68 Woburn Avenue, Benoni where assistance will be given in transcribing the comments.
The closing day for all comments is August 30.
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