NORTH Devon Council is to consider taking out a \u00A35million loan to balance next year's budget, the North Devon Gazette has learned.If approved, it will be the first time the previously cash-rich authority has needed to borrow since the \u00A344million sale of its council houses in February, 2000.Councillors will consider the proposal at a special Executive meeting being held on February 27."No firm decision has been made, but the possibility of borrowing \u00A35million is one option that members are considering," said a council spokesperson.The sale of council homes left the council with \u00A324.2million after paying a Government levy, set-up costs, as well as previous debts.The authority has spent \u00A337million on capital projects since 2001. Projects include \u00A31.5million spent on Ilfracombe harbour in 2001\/02. In the same year, the council made an \u00A38.2million payment into the pension fund to reduce North Devon's pension deficit. In 2002\/03, \u00A33.1million was spent on social housing, with a further \u00A33.9million spent on the Tarka Tennis Centre. In 2003\/04, \u00A31.4million was spent on waste management and recycling, with a further \u00A31million investment in the same in 2004\/05.