Blind River Town Council last night approved the second payment of the year on its multi-million-dollar Canada Mortgage and Housing Corporation
For the second time this year, Blind River council is making a payment on its multi-million-dollar Canada Mortgage and Housing Corporation (CMHC) loan.
The $1.2 million payment was approved by council at its virtual meeting Monday evening. In January council made a $4 million payment on the loan.
The money comes from North Shore Power Corporation (NSPC) which handles payments on the loan on behalf of the town. NSPC operates a large solar panel electrical facility in Blind River.
Treasurer Sue Dent said in a report to council that the $4 million pre-payment meant the future amount owing was reduced from $23,406,750 to $17,678,893 or a reduction of $5,727,854 based on CMHC calculations on the equivalent future value using the…