No decisions, yet, on use of funds from Bruce Telecom sale

Section: 
News

By Barb McKay

 

Kincardine will be accepting public input on how the proceeds from the sale of Bruce Telecom should be used.

 

During last Wednesday’s council meeting, municipal staff presented a resolution regarding the sale of Bruce Telecom that read, “that any and all decisions pertaining to the disbursement of the funds received from the sale of Bruce Telecom be withheld until such time that the sale has closed and the short-term and long-term financial implications of any such decisions may be duly analyzed by staff.”

 

The sale of Bruce Telecom to Eastlink, expected to fetch roughly $26.5 million, will not be finalized until it is approved by Industry Canada, within the next two to three months.

 

Councillor Jacqueline Faubert suggested attaching a time frame of 30 days following the sale for decisions on how the money will be spent or invested.

 

“I know my peers (fellow councillors) have concerns about the dividend and that sort of thing,” she said. “That is why I think we should deal with this as soon as possible.”

 

“Setting a time frame of 30 days allows for input from the public,” councillor Randy Roppel added.

 

Councillor Ron Coristine said he would like to see the resolution amended to indicate that council must approve the use of funds from the sale. CAO Murray Clarke assured him that council would decide how the money is invested.