Central Coast Council accepted the offer of a principal and interest loan for $100M in an Extraordinary Council Meeting held this afternoon.
The terms as dated 18 December are for a fixed 3 year loan amortizing over 15 years.   The loan will assist Council with a positive budget for the next financial year and long term 10 year financial plan. The details of the loan remain commercial-in-confidence.

Council continues its path to financial recovery and sustainability under its business recovery plan. Reductions have been made in the capital works program, sales of assets are underway, an employee savings target has been set and a voluntary redundancy program has commenced, as well as notification to IPART for a special rate variation.