RED ROCK — The Township of Red Rock has released a statement regarding public concern for the changes to municipality's banking.
Coming from Mayor Darquise Robinson's office, the statement reads that the township wants to address any "potential misinformation" and the suggestion that municipality is changing banking institutions.
It was made clear in the statement that the town is maintaining its accounts with a local institution.
Robinson's note details why there were banking changes.
"The decision to approach other financial institutions in order to secure the required funding and borrowing capacity wasn’t made easily and without extensive discussions with the local financial institution prior to exploring other options.
"Council and administration have openly discussed the reasons for moving to a new financial institution during open public meetings,"
Robinson continued saying that if the changes were not made, the township would be at risk of not making key payments.
"If we did not secure this required funding and borrowing capacity, we would not have been able to make the necessary payments and obligations required thus having a significant effect on daily operations and additionally affecting the Township’s financial position and any future funding potential."
The full statement is available on the township's website.
