First reading on bylaw passes

High Prairie town council passed first reading for a bylaw at its Feb. 8 meeting to guarantee the High Prairie Golf Club a $60,000 line of credit.
Mayor Brian Panasiuk explained to council the request comes to council each year in case the club needs money to start the season.
“We’ve been signing it, we’ve never had an issue with it,” said Panasiuk.
“It gives them some flexibility to get started.”
Council is at risk to the tune of $60,000 but they own the land. If council was called upon to honour the guarantee, the money would come from property taxation revenues. The golf club has always repaid the loan on time.
“The purpose of the loan primarily is for support of the general business operations of the course from time to time as needed,” wrote club president Steven Matthews in January.
“There is currently a zero balance in this line of credit.”

Share this post