All Colwood properties that pay sewer tax should be aware that the City is charging five per cent interest on the sewer debt.
The real cost to the City is only 1.7 per cent. That means that you are paying an extra 3.7 per cent. So what, you might ask?
Well as an example, the Lagoon properties paid $725 last year (principle and interest). The extra 3.7 per cent meant that an extra $343 was paid. The actual principle and interest payment (on $2.9 million over 25 years) should have been $382.
This extra interest amount collected in not shown in any City account. You will never know where it has gone.