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Ottawa’s mayor could get the sole authority to authorize city debt for the rest of the year as staff try to decide when the best time is to borrow money during market instability caused by the COVID-19 pandemic.

A staff recommendation scheduled for a vote during a council meting Wednesday calls for Jim Watson or a designate to have the power to sign off on bylaws for issuing debt, rather than waiting for the next council meeting.

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The mayor would be given the authority to sign the bylaw authorizing the borrowing under spending plans in the 2020 budget already approved by council. These are traditionally capital projects related to road, water and sewer improvements.

According to the 2020 budget, $813.8 million is being directed to capital projects. Of that, about $152 million would be funded by debt.

If borrowed money has been budgeted for a project, the money needs to be locked in before the project can begin.