Smiths Falls council had to do an about-face with their recently passed $2.33 million borrowing by-law with RBC.
The bank says they could no longer go ahead with the agreed upon 3.78% interest rate council signed off on March 23rd due to the “current market environment.”
They proposed four new fixed-term rate options, with council opting for the two-year term. The safest bet in the eyes of Councillor Jay Brennan.
Mayor Shawn Pankow was also in favour of taking the two year fixed-term rate option of 3.76%.
Treasurer Paul Dowber said there’s no financial impact to the town as all five of the presented fixed-term rate options fell within their 2026 budget outline.
Story by Gratn Deme
