The public is herewith notified, in terms of the provision of Section 46 (3)(a)(i) of the Municipal Finance Management Act, Act 56 of 2003, of an Ordinary Council Meeting of the Bitou Local Municipality, to be held on 28 February 2020 in the municipal Council Chambers, Plettenberg Bay. This meeting will give consideration to the raising of long-term debt in the form of lease funding, to give effect to the 2019/2020 capital budget as approved by Council on 31 May 2019.
The lease funding is intended to procure the following vehicles and plant:
The leased vehicles will be repayable monthly over a maximum period of 3 years at an estimated interest rate of 10.25%, with an estimated annual repayment of R 4,223,842.51 Million. The total interest charges over the lease period will amount to R1,802,598.52. The Public is herewith invited to submit written comments or representations to Council in respect of the proposed debt, which written comments or representations must be submitted to the office of the Municipal Manager by no later than Wednesday 26 February 2020 before 12:00.
ADV. L. M. R. NGOQO