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Olds Town Council approves bylaw to lend O-NET $8 million

On March 24, 2014, Olds Town Council gave second and third reading to two bylaws which would provide a loan of $8-million to the Olds Institute for Community and Regional Development. Council approved the bylaws . The funds will be used by O-NET, a community owned broadband fibre optic network, to complete their infrastructure construction and follow through in changes outlined in their new business plan.

On February 18th, a presentation from the chair of the Olds Institute and members of  O-NET stated that the loan would be for capital purchases and to cover some operating shortfalls. (watch the video here)O-NET’s new business plan includes completing construction in the final three service areas in the municipality. They also plan on replacing the TV set-top boxes which will be more compatible with North American television services.

The town plans to make an application to Alberta Municipal Affairs for a $14-million increase to its current debt limit to back the new $8-million loan and the $6-million loan given to the Olds Institute and O-NET in 2010.

Photos

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by Dean Owen
dean.owen@brassmedia.ca
March 25, 2014

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