FOR COMMUNITY RELEASE
Listuguj Embraces New Banking Ventures
June 18, 2018, Listuguj Quebec – As an active approach to open doors for greater Economic Development in the community, the Listuguj Mi’gmaq Government (LMG) has decided to transfer banking institutions from Royal Bank of Canada (RBC) to the Bank of Montreal (BMO). With the process comes, not only transferring bank accounts; but also, currently mortgages, loans and lines of credit.
Throughout the years, LMG has incurred debt to provide housing to our community members. To date, our total long-term debt is just over $12.7 million, including mortgages and lines of credit. LMG is currently in the practice of honouring the Financial By-Law, which states under section 62 b) of the by-law, there is a requirement that reasonable notice be given to members of the community for any loan exceeding $500,000.00 and said notice has to be published in a local media followed by the community.
This bulletin is to notify the community that LMG is authorized to enter into an upcoming financial agreement with the Bank of Montreal in the amount of 13 million dollars for the purpose of transferring existing loans at maturity to Bank of Montreal. LMG will be moving its current debt of $12.7 million from RBC to BMO as each mortgage matures.
For further Information :
Office of Chief and Council