Napier City Council is considering joining the New Zealand Local Government Funding Agency Limited (LGFA) scheme. The LGFA scheme was set-up in 2011 by a group of local authorities and the Crown to enable local authorities to borrow at lower interest margins than would otherwise be available.
Due to recent and current events, Council is seeking to borrow funds for the first time in many years. We would like to join the Local Government Funding Agency (LGFA) as an unrated guaranteeing local authority - a collective of councils that pool together to get good lending deals. Being a member doesn’t mean we have to use the LGFA when we need a loan, but it gives us the option to access the best lending rates. There is no membership fee and as a member we can apply for $20+ million.
What do you think of this policy? Please click on the link below to let us know by 5pm 16 July 2020.
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