Inverell was able to apply to Treasury Corp (TCorp) to finance the addition of a third waste-treatment cell at a cheaper interest rate as part of its 10-year waste strategy.

Mr Marshall congratulated Inverell council on being one of only a dozen councils across the state permitted to borrow from TCorp at the substantially lower rate.

He said  after a competitive tender process that included the major banks, council chose to borrow $2 million from TCorp.

The banks offered council interest rates that averaged about 4.11 per cent, but TCorp provided the funds at just 3.02 per cent. It means council will save $147,000 over the 10-year life of the loan.

“Inverell Shire Council emerged as a FFF council during the recent statewide analysis, and as a result, it is one of only a few councils that TCorp has to date supported with a major loan,” Mr Marshall said.

“TCorp’s council loan facility is a relatively new initiative by the NSW government and I’m delighted that this hard-working, forward-thinking council has been recognised with one of the first loans.

“The $147,000 that Council saves from this agreement will readily find a place in other projects. This strategy only serves to consolidate Inverell’s ‘fitness for the future’.”

Mr Marshall also noted that TCorp congratulated Inverell Shire Council on its “professionalism and patience” as the loan was steered through TCorp’s new local government loan facility.

Inverell Mayor Paul Harmon said it was a pleasing outcome for the shire.

“We were one of only 12 councils in NSW to be able to do this,” Cr Harmon said.

“It shows the quality of council staff in the way it manages council’s assets and finances.

“This has been part of our waste management and sewer strategy since early last year, and it’s great to see that it’s eventuated.”