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Corporation borrowing powers increased

Legislation increasing how much the Corporation of Hamilton can borrow was passed by the Senate.

The Municipalities Amendment Act 2015 will allow the City to borrow $30 million — a rise of $10 million from its present limit of $20 million.

Michael Fahy, the Minister for Home Affairs, told the Senate that the increase would allow the corporation to remain sustainable and help pay off a debt it owes over the Par-la-Ville hotel saga.

“I have no pleasure in bringing this bill,” Sen Fahy said. “I did not want to bring it. You are right when you say it was a debacle.”

He pointed out that the Government of Bermuda was not party to any of the agreements that the previous corporation administration had signed up for in connection with the hotel development.

“We have worked very hard to find a solution that has far-reaching implication and have met with the attorneys from all the parties involved.”

Diallo Rabain, the Opposition Leader in the Senate, likened the legislation to “keeping the lights on” for the corporation, while fellow Progressive Labour Party senator Marc Daniels said he understood the rationale behind the new legislation.

On Friday, senators passed a raft of other new statutes including The Health Professionals (Dental and Optometric) Re-Registration Waiver and Validation Act and The Proceeds of Crime Amendment Act.

The Children Amendment Act and the Traffic Offences Procedure Amendment and Validation Act — designed to ensure parking fines are paid — were also passed.

It was a debacle: Michael Fahy

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Published December 21, 2015 at 8:00 am (Updated December 21, 2015 at 8:19 am)

Corporation borrowing powers increased

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