Colwood pays, despite retired mortgage

City of Colwood to continue paying approximately $18,000 into a reserve fund for the Juan de Fuca Library

The City of Colwood will continue paying approximately $18,000 into a reserve fund for the Juan de Fuca Library.

The funds, once earmarked for a $80,800 a year Capital Regional District mortgage on the building, that Colwood was responsible for 22 per cent of, will continue to flow into a reserve, despite paying off the mortgage in 2013. Colwood council approval will see the funds set aside to help pay for the maintenance and eventual replacement of the building as it continues to age.

alim@goldstreamgazette.com