HomeMy WebLinkAbout1224-97 Debenture - Patricia Water Supply SystemCounty of Newell No. 4
By-law No. 1224-97
A By-law of the County of Newell No. 4, in the Province of Alberta, to amend By-law
1200-96, being a By-law 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.
Whereas final project costs were less than estimated; and
Whereas interest on grant proceeds was used to Band a portion of the project costs;
Therefore the Council of the County of Newell duly assembled hereby makes the following
amendments to By-law 1200-96:
1. That the total cost estimate of the said project be reduced to: "three hundred three
thousand six hundred forty-six dollars and one cent (5303,646.01)".
2. That " 2. Interest on grant proceeds (53,263.66)
three thousand two hundred sixty-three dollars and sixty-six cents"
be added to the estimated grants and contributions to be received and applied to the
project.
3. That the amount necessary for the County to borrow be reduced to: "seventy-six
thousand two hundred five dollars and forty-three cents (576,205.43)".
4. That Schedule "A" to By-law 1200-96 be amended as follows:
i) by reducing the total assessment against all properties to: "76,205.43".
ii) by reducing the total assessment per front foot to: "511.1509".
iii) by changing the interest rate to: "7 118 percent per annum".
iv) by reducing the annual unit rate per front foot to be payable to: "51.07".
v) by reducing the total yearly assessment against all properties to: "7,263.29".
This By-law shall take effect on the day of the final passing thereof.
Septembe 12, 1997 Moved by Councillor Stobbs that By-law 1224.97 receive first reading. Carried.
September 12, 1997 Moved by Councillor Berg that By-law 1224.97 receive second reading. Carried.
September 12, 1997 Moved by Councillor Baksa that By-law 1224.97 be given consent of Council for third and
final reading. Carried Unanimously.
September 12, 1997 Moved by Councillor Loewen that Bylaw 1224-97 roceive/t~hird reading. Carried.
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`REEV COUNTY ~,DMINISTRATOR