HomeMy WebLinkAbout1910-18 Debenture - North Headgates Local Improvement Project COUNTY OF NEWELL
PROVINCE OF ALBERTA
BYLAW 1910-18
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 DEBENTURE(S) IN THE AMOUNT OF
$4,500,000 FOR THE PURPOSE OF FINANCING THE "NORTH HEADGATES"
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 "North Headgates" local improvement project as described in the
local improvement plan authorized by council.
Plans and specifications have been prepared and the total cost of the project is estimated
to be $4,500,000 with the following contributions to be received or applied to the project:
1) Benefiting Owners (Revenue raised by local improvement tax): 4 500 000
TOTAL: $4,500,000
In order to complete the project, it will be necessary for the County of Newell to borrow
the surn of $4,500,000, for a period not to exceed 30 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 30 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 "North Headgates" local improvement project
the sum of FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS ($4 500 000)
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 FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS
($4,500,000� is to be collected by way of local improvement tax imposed on the
benefiting owners of the "North Headgates" local improvement project.
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 "North Headgates" 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 THIRTY (30) 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.
April 5, 2018 MOVED BY COUNCILLOR A.M. PHILIPSEN that Bylaw 1910-18 receive
FIRST reading. MOTION CARRIED
April 5, 2018 MOVED BY COUNCILLOR L JUSS that Bylaw 1910-18 receive SECOND
reading. MOTION CARRIED
April 5, 2018 MOVED BY COUNCILLOR K. CHRISTMAN that consent be given for
Bylaw 1910-18 to receive third reading this 5th day of April, 2018.
MOTION CARRIED UNANIMOUSLY
April 5, 2018 MOVED BY COUNCILLOR B. DE JONG that Bylaw 1910-18 receive
THIRD and FINAL reading. MOTION CARRIED
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Reeve—Molly Doug a s Ch`�f`Ad- inistrative Officer—Kevin Stephenson
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