Loading...
HomeMy WebLinkAbout1165-95 Debenture Rolling Hills Sewage LagoonCounty of Newell No. 4 By-law No. 1165-95 A Bylaw 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 sewage lagoon in the Hamlet of Rolling Hills. Whereas the Council of the County of Newell has decided to issue a Bylaw pursuant to Section 251 of the Municipal Government Act to authorize the financing, undertaking and completing of the sewage lagoon in the Hamlet of Rolling Hills project. UMA Engineering Ltd. has made plans, specifications and estimates for the project and confirms the total cost of the said project is three hundred fourtyfour thousand nine hundred eleven dollars and thirty-two cents ($344,911.32). 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 (5251,820.20) two hundred fifty-one thousand eight hundred twenty dollars and twenty cents In order to construct and complete the said project, it will be necessary for the County to borrow the sum of ninety-three thousand ninety-one dollars and twelve cents ''- (593,091.12) Ithe "indebtedness") on the terms and conditions referred to in this By-law. The County will repay the indebtedness over a period of ten (10) 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 December 21, 1995 is one hundred eighteen thousand one hundred thirty-four and eighty cents (5118,134.80), no part of which is in arrears. The estimated lifetime of the project is twenty-five (25) years. The proposed construction will serve about one hundred eighty-nine 1189) lots. 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 sewage lagoon in the Hamlet of Rolling Hills, 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. -2- Therefore, the Council of the County of Newell duly assembled enacts as follows: That, for the purpose of the construction of a sewage lagoon in the Hamlet of Rolling Hills, the sum of ninety-three thousand ninety-one dollars and twelve cents ($93,091.12) be borrowed from AMFC by the way of debenture on the credit and security of the County at large and is to be collected by way of special assessment as herein provided in attached Schedule "A". 2. The debentures to be issued under this By-law shall not exceed the sum of ninety- three thousand ninety-one dollars and twelve cents (593,091.12), 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°k), 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 ten 110) 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. -3- 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 Bylaw shall take effect on the day of the final passing thereof. December 21, 1995 Moved by Councillor Daniels that By-law 1165-95 receive first reading. Carried. January 11, 1996 Moved by Councillor Daniels that By-law 1165-95 receive second reading. Carried. January 11, 1996 Moved by Councillor Stobbs that By-law 1165.95 receive third reading. Carried. REEVE t~ CO NTY ADMINISTRATOR Special Lot Assessment County of Newell No. 4 Schedule "A" to By-Law No. 1165-95 Local ~ Improvement -Special Lot Assessment for Construction of a Sewage Lagoon in the Hamlet of Rolling Hills 1 2. 3. 4. 5. 6. Properties to be assessed: On Registered Block Lots No. of Lots Plan Number 8210258 1 1 - 16 15 8210258 2 1 - 24 24 8210258 3 1 - 14 14 8210258 4 1 - 30 30 5280 F.K. 6 1 - 16 17 2123 F.B. 3 1 - 16 18 7410502 2 1 - 16 16 2123 F.B. 1 1 - 16 17 2123 F.B. 1 A 2 2123 F.B. 1 B 1 2123 F.B. X - 2 2123 F.B. 2 S 1 2123 F.B. 2 T 2 4945 F.W. 7 1 - 9 9 152 F.K. 5 A, B, C 5 152 F.K. 4 - 1 1160 H.C. Parcel A 2 Pt. SE 6-15-13-4 (School 12.3 acres) 7 8211670 17, 18 2 911029 8, 9 4 189 Total lots Total assessment against all properties 593,091.12 Total assessment per lot 5492.5456 Annual unit rate per lot to be payable for a period of 10 years at 7'/z percent per annum $71.757 Total yearly assessment against all properties S 13,562.07