world cup guarantee 

The latest in a string of final approvals for the $3 million W5 World Cup loan was given by council Monday. Municipal solicitors and Hong Kong Bank of Canada representatives have finally worked out the details and legalities of the municipality guaranteeing half of the loan. The municipality is providing five grants-in-aid of $300,000 each to guarantee the bank’s interest-free loan. "This expedites it. We don’t have to go through the Administrator of Finance in Victoria to get approval," Mayor Ted Nebbeling said. The money the municipality is using to guarantee the first $1.5 million of the loan comes from the hotel tax the municipality collects. Whistler Mountain Ski Corporation is guaranteeing another $1 million and the Whistler Resort Association is guaranteeing the last $.5 million. The $3 million loan, needed for snowmaking and summer grooming of the Dave Murray Downhill course, is to be repaid with profits the W5 group makes on annual World Cup races over the next 10 years. The municipality’s guarantee should allow the bank to transfer the money to the W5 group in the next few days. Crews have been working on the mountain for the past six weeks, when the loan was initially guaranteed by all three parties, local contractors have been footing most of the bills. "This thing has just refused to die," said Councillor Bill Murray. "Two months ago I would have said it was dead, but the community really wanted it. Things are going along great thanks to the generous donations of local contractors." The World Cup downhill and super G races are scheduled for Dec. 7 and 8 on Whistler Mountain.

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