For Immediate Release
August 12, 2005

LOW-COST LOANS HELP KINGSTON
RENEW LOCAL INFRASTRUCTURE

KINGSTON – The McGuinty government is helping Kingston renew critical public infrastructure by giving municipalities access to low-cost, longer-term, fixed-rate loans through the Ontario Strategic Infrastructure Financing Authority (OSIFA), John Gerretsen, MPP for Kingston and the Islands, announced today.

The government also announced that OSIFA’s loan program will now provide loans for municipal culture, tourism and recreation projects. OSIFA will once again be accepting applications covering all of its eligible categories from Ontario towns and cities from August 22, 2005 to October 14, 2005.

“OSIFA is one financing alternative that is helping with the cost of repairing infrastructure for Kingston and other municipalities across the province,” said Gerretsen. “Local infrastructure helps improve local public services and creates the basis for our economic growth and prosperity.”

Kingston will receive up to $22,900,000 in low-cost, longer-term, fixed-rate loans from OSIFA, subject to technical and credit reviews, to renew local infrastructure. Projects include: servicing and lining watermains, the Harbourfront Phase 2 project, the North End Trunk Sewer, road overlay projects, storm sewers, sidewalks and the purchase of three new buses for Kingston Transit.

To date OSIFA has committed to provide up to $2 billion in low-cost, longer-term financing to more than 160 Ontario municipalities for 1,000 local infrastructure projects. OSIFA issues Infrastructure Renewal Bonds (IRBs) to finance its Infrastructure Renewal Loan Program. For more information go to www.osifa.on.ca or call 1-800-230-0937.
                                  

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