HomeMy WebLinkAbout1200-96 Debenture - Patricia Water Supply System.--
County of Newell No. 4
By-law No. 1200-96
A By-law of the County of Newell No. 4, in the Province of Alberta, to authorize the
Council of the County of Newell to incur an indebtedness by the issuance of debentures
(the "debentures"- to the Alberta Municipal Financing Corporation for the purpose of
construction of a water supply system in the Hamlet of Patricia.
B y - I~'~''' `t`.~c~dc~ Whereas the Council of the County of Newell has decided to issue a Bylaw pursuant to
Sep fe`-`y~,~- ~Z' ~y9~ Section 251 of the Municipal Government Act to authorize the financing, undertaking and
'~~'I `'~'' N~- ~21~ 9~ completing of the water supply system in the Hamlet of Patricia project.
Bel-MK Engineering Ltd. has made plans, specifications and estimates for the project and
confirms the total cost of the said project is three hundred'ue~r%``thousand -#e~ hundred
~,~~I.
-s+~-seµer~ dollars and fliAe~y-~i~e cents (S"" "~' "°
}o~+y-s,X o'7e, 303, byb.ol
The Council of the County of Newell has estimated the following grants and contributions
will be received and applied to the project:
1. Alberta Municipal WaterlWastewater Partnership (5224,176.92)
two hundred twenty-four thousand o~ hundred seventy-six dollars and nine~tytwo cents
`83263.. b6
1. Snfcresf on ~c. i-a.•~t ~o/~c~cu- S
f-hi-ec f~iuuSc~nd fw v ~vodi«I Si`x'fy ~ir'x d~/c~i-S q.~cL S~x~~ -5 %X G~.~fS
In order to construct and complete the said project, it w~l~ be necessary for the County
to borrow the sum of S six thousand two hundredraAe~r=efle dollars and "~'"y c nts
($$6~'9~-9~) (the "indebtedness") on the terms and conditions referred to in this By-law.
~' 76, 2oSY3
The County will repay the indebtedness over a period of twenty (20) years in annual
instalments, with interest not exceeding fourteen percent (14%), or the interest rate fixed
from time to time by the Alberta Municipal Financing Corporation, per annum, payable
annually.
The amount of the existing debenture debt of the County at November 28, 1996 is one
hundred eighty-one thousand nine hundred fifty and fifty-six cents (5181,950.56), no part
of which is in arrears.
The estimated lifetime of the project is twenty-five (25) years.
The proposed construction will serve a frontage foot of six thousand eight hundred thirty-
four (6834) feet.
All required approvals for the project have been obtained and the project is in compliance
with all acts and regulations of the Province of Alberta.
The Council of the County of Newell has given proper notice of intention to undertake and
complete the construction of a water supply system in the Hamlet of Patricia, the costs
or a portion of the costs thereof to be assessed against abutting (or benefiting) owners
in accordance with the attached Schedule "A", and no sufficiently signed and valid petition
against the said proposal has been received by Council.
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Therefore, the Council of the County of Newell duly assembled enacts as follows:
1. That, for the purpose of the construction of a water sup ly system in the Hamlet ~ f«
of Patricia, the sum of s.e ~ six thousand two hundred - ~~ dollars and
cents (Si36~9~-~~) be borrowed from AMFC by the way of debenture on the credit
and secunfy°ofythe County at large and is to be collected by way of special
assessment as herein provided in attached Schedule "A".
Severrl~
2. The debentures to be issued. gun` er this Bylaw shallot exceed~Zhe sum of eig#~y-six
thousand two hundred ~+Aet~-eae dollars an~ serrer~ cents (S~), and may be
in any denomination not exceeding the amount authorized by this By-law and shall
be dated having regard to the date of the borrowing.
3. The debentures shall bear interest during the currency of the debentures, at a rate
not exceeding fourteen percent (14%), or the interest rate fixed from time to time
by the Alberta Municipal Financing Corporation, per annum, payable annually.
4. The debentures shall be issued in such manner that the principal and interest will be
combined and be made payable in, as nearly as possible, equal annual instalments
over a period of twenty (20) years, in accordance with the schedule attached and
forming a part of each debenture.
`~ 5. The debentures shall be payable in lawful money of Canada at the Provincial
Treasury Branch in the Town of Brooks or at such other bank or financial institution
as the Council of the County of Newell may authorize as its banking agency during
the currency of the debenture.
6. The Reeve and County Administrator of the County shall authorize such bank or
financial institution to make payments to the holder of the debentures, on such date
and in such amounts as specified in the repayment schedule forming part of each
debenture.
7. The debentures shall be signed by the Reeve and the County Administrator of the
County and the County Administrator shall affix the corporate seal of the County to
the Debentures.
8. There shall be levied and raised in each year of the currency of the debentures a
rate on all the rateable property in the County, collectible at the same time and in
the same manner as other rates, in an amount sufficient to pay the principal and
interest falling due in such year on such debentures and in addition thereto the
amount required to pay any of such debentures which fall due in each year after
applying the special assessment hereafter provided for.
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9. During the currency of the debentures, there shall be raised annually for payment of
the owners' portion of the cost and interest thereon, by special assessment, the
respective sums shown as yearly payments on Schedule "A" hereto attached, and
there is hereby imposed on all lands fronting or abutting (or benefiting) on that
portion of the streets or places whereon the improvements are to be laid, a special
assessment sufficient to cover the owners' portion of the cost of the said work and
the interest thereon payable at the unit rate or rates set forth in said Schedule "A".
The said special assessment shall be in addition to all other rates and taxes.
10. The indebtedness is contracted on the credit and security of the County at large.
11. The net amount realized by the issue and sale of debentures authorized under this
By-law shall be applied only for the purposes for which the indebtedness was
created.
12. This By-law shall take effect on the day of the final passing thereof.
December 5, 1996 Moved by Councillor Berg that Bylaw 1200.96 receive first reading. Carried.
December 5, 1996 Moved by Councillor Loewen that By-law 1200-96 receive second reading. Carried.
December 5, 1996 Moved by Councillor Baksa that By-law 1200.96 receive consent of Council for third and
final reading. Carried Unanimously.
December 5, 1996 Moved by Councillor Scheuerman that By-law 1200-96 receive third reading. Carried.
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REEVE J`
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COUNTY ADMINISTRATOR
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Special Frontage Assessment
County of Newell No. 4
Schedule "A" to By-Law No. 1200.96
Local Improvement -Special Frontage Assessment
for Construction of a Water Supply System in the Hamlet of Patricia
1. The location of assessment for the proposed local improvement is as foll ows:
From To Side Fronta e
On the easement from Willow Street Centre 390
West Boundary Block C in
NW 13-20-13.4
On Alley South of Alley East of North 672
Railway Avenue from Centre Street South 120
Willow Street
On Alley East of Mayo Street Patricia Avenue West 1066
from the Alley South of East 1066
Railway Avenue
On Alley East of Centre Street Princess Avenue West 650
--~. from the Alley South of East 650
Railway Avenue
On Alley East of Slego Street Princess Avenue West 790
from Railway Avenue East 790
Alley East of Mayo Street Alley East of South 240
Slego Street on
Princess Avenue
School Yard (Block 5 Plan 8111857) 200
On Mayo Street from Alley 200 feet South West 200
South of Railway Avenue
2. Total frontage 6834
~. ~ 76, ~.os ~3
3. Total assessment against all properties
4. Total assessment per front foot ~~} ~~~''~09
5. Annual unit rate per front foot to be payable
for a period of 20 years at 6-7fff percent per annum '~~ ~ ~~ "~
7'/~ _
~ ~' ~ 6 z3 L9
6. Total yearly assessment against all properties