Blayney council deemed fit for T-Corp loans

Prior to the beginning of the amalgamation process Blayney council had to painstakingly try to prove that in every way, from financial through to population size, that they could be deemed as ‘Fit for the Future.’

Being deemed ‘Fit’ would have allowed Blayney council to have avoided the entire merger process.

It was in the criteria though of population size that the shire failed and the merger talks began.

One of the problems with being deemed unfit was that council was unable to apply for discount rate loans through T-Corp, the state governments borrowing facility.

After several meetings with state government officials in which the answer was a resounding no, Blayney shire mayor Scott Ferguson was pleasantly surprised to discover that the council was now able to obtain low cost funds.

“Potentially over a 20 year infrastructure loan it could be a saving of anywhere of three to four hundred thousand dollars in saved interest for the ratepayers of the shire,” he said.

Member for Bathurst Paul Toole said the announcement, based on the financial stability of the local council, gives Blayney Council the backing it needs to create a stronger and more vibrant community.

“Blayney Council will be able to apply for low interest loans that will allow the council to upgrade roads and showgrounds and invest in hospital facilities and footpaths,” he said.

The general manager of Blayney Council, Rebecca Ryan said that council was always perplexed as to why Blayney’s population was it’s only hindrance considering that other councils with similar populations were deemed fit, but welcomed the change of heart.

“This was illogical and particularly difficult to understand right from the start,” she said. “however, this decision by the NSW Government is most welcome and pleasing.

“Council is in the process of seeking quotations for the $3.0 million Bridge Loans so this decision is timely and a great relief.”