The City has had a long-term borrowing limit of 9.5 million since March, 2002.
According to Mayor Gary St. Onge, the increase was needed as a result of the requirement that short term borrowing and borrowings for local improvements on behalf of property owners now be included.
Once the new debt limit is approved by the Saskatchewan Municipal Board, the CIBC will complete the four million dollar loan request for the 2007 Capital Projects.
Councillors also approved the installation of two new valves on the fourteen inch AC main line last night despite a significant increase in the cost of the project.
When approval was originally granted in July, estimates pegged the project at sixty thousand to eighty thousand dollars.