HomeMy WebLinkAbout2114-26 Loan Bylaw - Fundraising Society of Rolling Hills SchoolCOUNTY OF NEWELL
IN THE PROVINCE OF ALBERTA
BYLAW 2114-26
A BYLAW OF THE COUNTY OF NEWELL, IN THE PROVINCE OF ALBERTA, TO
AUTHORIZE LENDING MONEY TO THE FUNDRAISING SOCIETY OF THE ROLLING
HILLS SCHOOL FOR THE CONSTRUCTION OF ITS BARN PROJECT.
WHEREAS, pursuant to Section 264(2) of the Municipal GovemmentAct, R.S.A. c.M-26,
and amendments thereto, a municipality may loan funds to a non-profit organization if the
municipal council considers that the money loaned will be used for a purpose that will
benefit the municipality;
WHEREAS, the loan will not exceed the County of Newell's debt limit;
WHEREAS, the Fundraising Society of the Rolling Hills School is a non-profit organization
as defined in the Act;
WHEREAS, the Council of the County of Newell considers that the loan will be used for
a purpose that will benefit the municipality;
NOW THEREFORE, pursuant to the provisions of the Municipal Government Act, the
Council of the County of Newell, duly assembled, hereby enacts as follows:
1. TEN THOUSAND DOLLARS ($10,000.00) is hereby authorized to be loaned by
the County of Newell to the Fundraising Society of the Rolling Hills School in
accordance with the provisions of this Bylaw.
2. The purpose of the loan is to assist the Fundraising Society of the Rolling Hills
School with financing the construction of a barn for the Rolling Hills Agricultural
Academy.
3. The minimum rate of interest on the loan is THREE POINT ONE TWO PERCENT
(3.12%).
4. The source of money to be loaned shall be from the unrestricted net assets of the
County of Newell.
5. The issuance of the loan shall be provided subject to the Fundraising Society of
the Rolling Hills School and the County of Newell executing a loan agreement
satisfactory in form and content to the County of Newell.
6. The loan shall be issued in such a manner that the principal and interest will be
combined and be payable in, as nearly as possible, equal semi-annual instalments
over FIVE (5) years.
7. The above noted funds being borrowed from the County of Newell shall be
exclusively used by the Fundraising Society of the Rolling Hills School for the
purpose of constructing a barn.
8. This bylaw shall come into force and effect upon third and final reading.
February 12, 2026 MOVED BY COUNCILLOR NEIL JOHNSON that Bylaw 2114-26
receive FIRST reading.
April 8, 2026 MOVED BY COUNCILLOR LYNETTE KOPP that Bylaw 2114-26
receive SECOND reading.
April 8, 2026 MOVED BY COUNCILLOR NEIL JOHNSON that Bylaw 2114-26
receive THIRD and FINAL reading.
eve — Arno Doerksen Chief Administrative Officer— Matt Fenske