Lanark Highlands Council AgendaPacket 2026-05-26
OILC Financing Approved for Sheridan Rapids Bridge Project
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Description
Lanark Highlands Council authorized an application to Ontario Infrastructure and Lands Corporation for up to $859,208.72 in debenture financing for the Sheridan Rapids Bridge replacement over a term of up to 20 years. The by-law enables long-term borrowing through OILC once a rate offer is finalized.
Contract Details
Contract Amount
Not to exceed $859,208.72 in debenture principal for Sheridan Rapids Bridge
Vendor
ONTARIO INFRASTRUCTURE & LANDS CORPORATION ("OILC")
Agency
Township of Lanark Highlands, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 26, 2026
Contract Term
Up to 20 years (bridge financing referenced at 4.79% for 20 years)
Renewal Info
Single-term debenture financing with no explicit renewal; refinancing debentures are permitted under the by-law if needed at maturity.
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