Councils urged to apply for infrastructure upgrade support

The NSW Government's Local Infrastructure Renewal Scheme is offering $70 million in interest subsidies for councils to offset significant loans for infrastructure.
Member for Northern Tablelands Richard Torbay is urging local councils to consider applying for the scheme which opened last Friday.
"The Scheme was announced as part of the NSW Government Budget in September last year and is set up to pay the first four per cent of interest on major loans taken out to maintain infrastructure projects such as roads, halls, libraries, footpaths and other facilities," Mr Torbay said.
"Many Councils are struggling to meet rising costs associated with maintenance of their major assets and I welcome this opportunity to reduce some of the costs involved by effectively reducing the cost of borrowing funds to complete work.
"This Scheme represents a good opportunity to stretch the ratepayer's dollar and I urge Local Government Authorities in the Northern Tablelands to consider applying for the interest relief."
Applications for the Local Infrastructure Renewal Scheme close on Friday, 30 March 2012 when an assessment panel will review applications as well as provide advice on the borrowing capacity of each council as well as better use of debt funding.
More information about this program is available at www.dlg.nsw.gov.au