FINANCIAL_SERVICESRECOMMENDED

City of Victoria Council Meeting Agenda April 16 2026

Phased MFA borrowing planned for Crystal Pool project

Up to $168,900,000 temporary borrowing authority; long-term borrowing of $17M (2026), $28M (2027), $47M (2028), $70.2M (2029), total not to exceed $162.2MCity of VictoriaMUNICIPAL FINANCE AUTHORITY OF BRITISH COLUMBIAApril 16, 2026

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Description

Victoria Council is considering authorization of up to $168.9 million in temporary borrowing and a phased $162.2 million long-term borrowing package through the Municipal Finance Authority of British Columbia to fund the Crystal Pool Replacement project. The plan spreads 20-year term borrowings across the 2026–2029 fall MFA borrowing sessions.

Contract Details

Contract Amount

Up to $168,900,000 temporary borrowing authority; long-term borrowing of $17M (2026), $28M (2027), $47M (2028), $70.2M (2029), total not to exceed $162.2M

Vendor

MUNICIPAL FINANCE AUTHORITY OF BRITISH COLUMBIA

Agency

City of Victoria, Canada

Contract Type

FINANCIAL_SERVICES

Document Date

April 16, 2026

Contract Term

Temporary borrowing pending sale of debentures; long-term borrowing for 20-year terms in 2026, 2027, 2028, and 2029 fall borrowing sessions

Renewal Date

2049-12-31

Renewal Info

Borrowings are structured as separate 20-year debenture issues in 2026, 2027, 2028, and 2029; no renewal options are identified, and temporary borrowing will be repaid from debenture proceeds.

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