THE Rural City of Wangaratta council has adopted what is among its largest borrowings of more than $18 million to help fund its capital works budget of $29.876 million for the 2020/21 financial year.

Councillors this week passed a motion to borrow $18,291,662, with the initial drawdown of $11,291,662 being awarded to the National Australia Bank at a fixed interest rate of 1.68 per cent.

The remaining amount is likely to be borrowed in the first quarter of 2021.