HomeMy WebLinkAbout2091-25 AMENDMENT to Bylaw 2063-23 Debenture (LNR PAthway Local Improvement)COUNTY OF NEWELL
PROVINCE OF ALBERTA
BYLAW No. 2091-25
A BYLAW OF THE COUNTY OF NEWELL, IN THE PROVINCE OF ALBERTA, TO
AMEND BYLAW 2063-23 TO REFLECT UPDATED COSTS AND FUNDING SOURCES
FOR THE HAMLET OF LAKE NEWELL RESORT PATHWAY LOCAL IMPROVEMENT
BORROWING BYLAW.
WHEREAS, the Council of the County of Newell on December 21, 2023 duly passed Bylaw
2063-23 to authorize borrowing of $750,000 for the purpose of financing the Lake Newell
Resort Pathway local improvement project;
AND WHEREAS, the estimated total cost of the project has increased from $1,000,000 to
$1,782,883;
AND WHEREAS; the funding sources for the project have been revised to include
contributions from Provincial Grants in the amount of $682,883;
AND WHEREAS, it is necessary to amend Bylaw 2063-23 to reflect the revised financial
structure of the project;
NOW THEREFORE the Council of the County of Newell duly assembled hereby makes the
following amendments to Bylaw 2063-23:
1. That the total estimated cost of the Lake Newell Resort Pathway local improvement
project is hereby amended to $1,782,883.
2. The Municipality estimates the following revised sources of funding will be applied to
the project:
• Benefiting Owners (Revenue raised by local improvement tax): $825,000
• Municipality at Large (Funds from Restricted Surplus Recreation Fund):
$275,000
• Provincial Grants: $682,883
• Total: $1,782,883
3. In order to complete the project it will be necessary for the County of Newell to
borrow the sum of $825,000.
4. This bylaw comes into force on the date of final reading.
February 6, 2025 MOVED BY COUNCILLOR DAN SHORT that Bylaw 2091-25
receive FIRST reading.
MOTION CARRIED
February 6, 2025
MOVED BY COUNCILLOR HOLLY JOHNSON that Bylaw 2091-25
receive SECOND reading.
MOTION CARRIED
February 6, 2025
MOVED BY COUNCILLOR DAN SHORT that consent be given for
Bylaw 2091-25 to receive third reading this 6'h day of February, 2025.
MOTION CARRIED UNANIMOUSLY
February 6, 2025
MOVED BY KELLY CHRISTMAN that Bylaw 2091-25 receive
THIRD and FINAL reading.
MOTION CARRIED
eve — Arno Doerksen Chief Administrative Of ►cer— Matt Fenske