At its July 22 regular meeting, Prince Rupert city council took the first steps to creating a reserve fund to manage the annual revenues of $6.8 million over the next five years from the Resource Benefits Alliance deal signed with the province last month.
Having these funds managed separately from other revenues was a requirement of the province to proceed with the agreement. The $250 million infrastructure funding is divided among the 21 members of the Northwest Resource Benefits Alliance.
“It is absolutely our intention to demonstrate real responsibility with that money, that money is not being given by the province so we can lower taxes and look good, it is to do things we couldn’t have done otherwise," Pond said.
"We have four years to convince the government that it's a good thing that they did it, and convince them to sign up for more, for longer…” said mayor Herb Pond while addressing the council.
Later in the meeting, council voted unanimously to pass first second and third readings of the bylaw that will establish the reserve fund when adopted at a future meeting.
