The council has secured a $14.9 million low interest loan for the Goulburn Aquatic Centre's redevelopment.
Councillors on Tuesday agreed to the state government's TCorp loan terms over 15 years for the facility's stage one upgrade.
While the interest rate is yet to be announced, corporate services director Brendan Hollands said the latest indicative rate was 2.29 per cent.
The $29.8 million project, due for completion early next year, is also funded by a $10m state government grant and council reserves, which include revenue from land sales.
"It's a lot of money but we've been working on getting a new pool for many years. It services the community very strongly...and I'm 100 per cent behind this," Cr Margaret O'Neill said.
The upgrade includes a new eight-lane indoor pool, refurbishment of the existing 25m indoor pool to a program facility, warm water pool, new change rooms, café linking with Victoria Park, new gym and entry plaza and expanded car park. It also involves repairs of the expansion joints in the existing outdoor pool and refurbishment of the wet deck.
Contractor FDC Construction started work last August. Operations director Matt O'Rourke said it was running to schedule. All four pool structures were completed last month, marking "a significant milestone."
"Water tightness tests have been completed and proved satisfactory on the warm water pool and the 25m leisure pool. That test will be done on the program pool once it has cured and then the splash pad," he said.
On Tuesday, contractors undertook a large concrete pour for the concourse, forming the infill around the pools.
Formwork and reinforcement installation is also continuing on the pool hall. The remaining structural steel is expected to be installed by the end of May, with the roof to follow.
In addition, footings and a the floor slab in the amenities and change room are complete. In ground services will be installed by the end of May.
Meantime, keen swimmers will have to wait until September for the outdoor pool's re-opening. It closed on April 23 for winter, leaving the region without a public facility.
However it's the most significant upgrade since the complex was built some 60 years ago.
Mr O'Rourke said a staffing review was underway in anticipation, given there would be four new water spaces, a cafe, gym and more.
"The staff structure will need to change to accommodate that," he said.
So far $14,315,696 has been spent from the budget. The project is just over 54 per cent complete, with commissioning and handover scheduled for March, 2022.