459. Deputy Joan Collins asked the Minister for the Environment, Community and Local Government if it has been brought to his attention that the Sligo County Manager placed an item on the agenda issued on the 30 October, for the November meeting of the Council seeking approval to borrow a sum not exceeding €7.5 million by way of a loan for 20 years to replace the existing overdraft borrowings of €7.5 million and seeking approval to continue with a temporary overdraft of €4 million for the period up to 31 March 2013; if it has been brought to his attention that the County Manager received a letter on 2 November from an official in his Department (details supplied) stating that the Department is willing to provide approval for the conversion of the Council’s existing €7.5 million overdraft to a term loan and further stating that the said loan would reduce the Council’s banking costs and provide an opportunity for the Council to reduce its overall debt levels; if it has been brought to his attention that at the Council meeting on the 5 of November the County Manager changed his recommendation and sought approval from the Council to borrow a sum not exceeding €7.5 million by way of a long term loan with the existing €7.5 million overdraft staying in place; if it has been brought to his attention that by a majority of one the Council voted to accept the County Managers recommendation; if he will approve the proposed €7.5 million loan in view of the fact that the terms for the loan approval from his Department have been ignored and the existing overdraft is being maintained; and if he will make a statement on the matter. [49936/12]

Summary

459. Deputy Joan Collins asked the Minister for the Environment, Community and Local Government if it has been brought to his attention that the Sligo County Manager placed an item on the agenda issued on the 30 October, for the November meeting of the Council seeking approval to borrow a sum not exceeding €7.5 million by way of a loan for 20 years to replace the existing overdraft borrowings of €7.5 million and seeking approval to continue with a temporary overdraft of €4 million for the period up to 31 March 2013; if it has been brought to his attention that the County Manager received a letter on 2 November from an official in his Department (details supplied) stating that the Department is willing to provide approval for the conversion of the Council’s existing €7.5 million overdraft to a term loan and further stating that the said loan would reduce the Council’s banking costs and provide an opportunity for the Council to reduce its overall debt levels; if it has been brought to his attention that at the Council meeting on the 5 of November the County Manager changed his recommendation and sought approval from the Council to borrow a sum not exceeding €7.5 million by way of a long term loan with the existing €7.5 million overdraft staying in place; if it has been brought to his attention that by a majority of one the Council voted to accept the County Managers recommendation; if he will approve the proposed €7.5 million loan in view of the fact that the terms for the loan approval from his Department have been ignored and the existing overdraft is being maintained; and if he will make a statement on the matter. [49936/12]

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• Local Authority Funding

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