Intention to Refinance Current Borrowings and Increase Capital Loan Borrowings
Published on Wednesday, 26 March 2025 at 11:13:37 AM
In accordance with section 6.20 of the Local Government Act 1995 notice is hereby given that Council intends to refinance the remaining current ANZ loan balance of $8,423,095.00 to the Commonwealth Bank of Australia (CBA) to a 5 year interest only loan and increase the capital loan borrowings by $4 million to a total capital debt of $12.5 million.
The purpose of refinancing the current borrowings is to extend the period of the repayment schedule to 5 years interest only as this will allow Council to significantly increase its cashflow over the 5 years to build Council cash reserves and prepare to make a significant capital contribution at the end of the 5 years prior to refinancing.
The purpose of the increase in capital loan borrowings is to enable repayment of significant creditors and re-commencement of road works.
Submissions on the intention to refinance and increase capital loan borrowings are required to be made in writing and lodged with the Acting Chief Executive Officer, Shire of Coolgardie, PO Box 138, Kambalda WA 6442 or submitted electronically to mail@coolgardie.wa.gov.au by 4pm Thursday 24th April 2025.
Aaron Cook
Acting Chief Executive Officer
