HomeMy WebLinkAbout1814-15 Borrowing - Scandia Pump, Control System & Piping UpgradesCOUNTY OF NEWELL
PROVINCE OF ALBERTA
BYLAW No. 1814-15
A BYLAW OF THE COUNTY OF NEWELL, IN THE PROVINCE OF ALBERTA, TO
AUTHORIZE THE COUNCIL OF THE COUNTY OF NEWELL TO INCUR
INDEBTEDNESS BY THE ISSUANCE OF DEBENTURES IN THE AMOUNT OF
$100,750 FOR THE PURPOSE OF FINANCING THE "HAMLET OF SCANDIA PUMP,
CONTROL SYSTEM & PIPING UPGRADES" LOCAL IMPROVEMENT PROJECT.
WHEREAS, the Council of the County of Newell has decided to issue a bylaw pursuant
to Section 263 of the Municipal Government Act to authorize the financing, undertaking
and completion of the "Hamlet of Scandia Pump, Control System & Piping Upgrades"
local improvement project.
Plans and specifications have been prepared. The total cost of the project is estimated
to be $402,999 with the following contributions to be received or applied to the project:
1) Benefiting Owners (Revenue raised by local improvement tax): $100,750
2) Provincial Grants: $302,249
TOTAL: $402,999
In order to complete the project it will be necessary for the County of Newell to borrow
the sum of $100,750, for a period not to exceed 20 years, from the Alberta Capital
Finance Authority or another authorized financial institution, by the issuance of
debentures and on the terms and conditions referred to in this bylaw.
The estimated lifetime of the project financed under this bylaw is in excess of 20 years.
All the required approvals for the project have been obtained and the project is in
compliance with all Acts and Regulations of the Province of Alberta.
NOW, THEREFORE, the Council of the County of Newell duly assembled, enacts as
follows:
1. That for the purpose of completing the "Hamlet of Scandia Pump, Control System &
Piping Upgrades" local improvement project the sum of ONE HUNDRED
THOUSAND SEVEN HUNDRED AND FIFTY DOLLARS ($100,750) be borrowed
from the Alberta Capital Finance Authority or another authorized financial institution
by way of debenture on the credit and security of the Municipality at large.
2. The amount of ONE HUNDRED THOUSAND SEVEN HUNDRED AND FIFTY
DOLLARS ($100,750) is to be collected by way of local improvement tax imposed
pursuant to the municipality's tax Bylaw No. 1813-15.
3. The proper officers of the Municipality are hereby authorized to issue debentures on
behalf of the Municipality for the amount and purpose as authorized by this bylaw,
namely the "Hamlet of Scandia Pump, Control System & Piping Upgrades" local
improvement project.
4. The County of Newell shall repay the indebtedness according to the repayment
structure in effect, namely annual or semi-annual equal payments of combined
principal and interest installments not to exceed TWENTY (20) years calculated at a
rate not exceeding the interest rate fixed by the Alberta Capital Finance Authority or
another authorized financial institution on the date of borrowing, and not to exceed
SEVEN (7) percent.
5. The indebtedness shall be contracted on the credit and security of the County of
Newell.
6. The net amount borrowed under the bylaw shall be applied only to the project
specified by this bylaw.
7. This bylaw comes into force on the date of final reading.
February 12, 2015 MOVED BY COUNCILLOR B. DE JONG that Bylaw 1814-15
receive FIRST reading. MOTION CARRIED
February 12, 2015 MOVED BY COUNCILLOR A.M. PHILIPSEN that Bylaw 1814-15
receive SECOND reading. MOTION CARRIED
February 12, 2015 MOVED BY COUNCILLOR C. AMULUNG that consent be given
for Bylaw 1814-15 to receive third reading this 12th day of
February, 2015. MOTION CARRIED
February 12, 2015 MOVED BY COUNCILLOR E. UNRUH that Bylaw 1814-15
receive THIRD and FINAL reading. MOTION CARRIED
Reeve — Mo y d i ougl Chief trative Officer— Kevin Stephenson