Bonds endorsed, with caution

The province’s plan to sell bonds to raise money to provide care and build housing for seniors is being praised.

The province’s plan to sell bonds to raise money to provide care and build housing for seniors is being praised.

But using that money for public/private partnership projects would be “totally unacceptable,” says the president of the Central Alberta Council on Aging.

Last week, the province announced it wants to raise $100 million by selling Alberta Capital Bonds to help build long-term care and supportive living facilities, lodges and group homes for seniors.

“Bonds are good as long as they are spent on public buildings and public services — not P3s to create a profit and opportunity for some other corporation,” said Sam Denhaan.

Alberta Capital Bonds are expected to be available for purchase from financial institutions and investment advisors by mid February.

That means before money is even raised, private companies like banks and investment businesses will be benefiting, he said.

“What about Alberta Treasury Branch? They could be the dealers and it wouldn’t cost anything.”

Public health-care advocates have always supported using government bonds to build infrastructure such as hospitals and long-term care. But the province seems set on privatizing seniors care, he said.

“It is so interwoven with private interest.”

And transparency to show how public money is being spent is lacking, Denhaan said.

Alberta Capital Bonds will support the province’s Aging in the Right Place vision to improve the availability of seniors accommodations.

Housing and supports available through capital bond funds are expected to become operational in 2012.

Final details, including interest rates, will be provided closer to the time the bonds are issued.

szielinski@bprda.wpengine.com

Just Posted

More than $25k raised for Red Deer firefighter who is recovering in hospital

‘I think the support he’s getting is because of the person he is’

Lacombe backs Blackfalds stormwater plan

Stormwater management plan will open up more land for development in Blackfalds

Two men facing charges in alleged abduction

RCMP issued alert for woman on Wednesday morning who was found safe later that day

Red Deer RCMP seek public assistance to identify suspect in indecent acts

Red Deer RCMP are looking for a man believed to be responsible… Continue reading

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

Leon Draisaitl has overtime winner as Edmonton Oilers down Boston Bruins 3-2

EDMONTON — Connor McDavid set up Leon Draisaitl for the overtime winner… Continue reading

Edmonton girl guide sells out of cookies in front of cannabis store on first day

EDMONTON — She’s being called one smart cookie. As people lined up… Continue reading

New vacuum needed: Calgary family adopts three bonded St. Bernard buddies

EDMONTON — Three adult St. Bernards who couldn’t be separated because they’re… Continue reading

Film with Fan Bingbing, Bruce Willis cancelled after tax case

BEIJING — The director of “Air Strike,” featuring Chinese actress Fan Bingbing,… Continue reading

Michael Buble shuts down rumours of retirement from music

LOS ANGELES — Michael Buble is shutting down rumours that he’s going… Continue reading

After Canada legalizes pot, industry eyes rest of the world

MONTREAL — Cam Battley is a top executive at one of Canada’s… Continue reading

Facebook’s election ‘war room’ takes aim at fake information

MENLO PARK, Calif. — In an otherwise innocuous part of Facebook’s expansive… Continue reading

Military to overhaul morale-boosting trips after review finds serious problems

OTTAWA — Canada’s top general is overhauling military morale-boosting tours after an… Continue reading

Most Read