HomeMy WebLinkAbout1261-98 Debenture - Alberta Municipal Financing Corp. (Road Construction)County of Newell No. 4
By-law No. 1261.98
A By-law 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 constructing
'/z mile of road lying between SW 13.17.14.4 and SE 14-17.14-4.
Whereas the Council of the County of Newell has decided to issue a By-law pursuant to
Section 263 of the Municipal Government Act to authorize financing, undertaking and
completing the construction of the road lying between SW 13-17-14.4 and SE 14.17-14-4.
The estimated cost for this project is fourteen thousand six hundred dollars (514,600.00). The
County of Newell will be responsible for 50% of the total cost to a maximum of six thousand
dollars ($6,000.00).
In order to construct and complete the said project, it will be necessary for the County to
borrow the sum of eight thousand six hundred dollars ($8,600.00) (the "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 twelve percent (12°~1, 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 October 29,1998 is two hundred
thirteen thousand six hundred twelve dollars and seventy•two cents (5213,612.72), no part
of which is in arrears.
The estimated lifetime of the project is twenty (20) years.
The proposed construction will provide access to the NW 13.17-14.4.
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 received an adequate petition requesting the
undertaking and construction of/: mile of road lying between SW 13.17-14-4 and SE 14-17-
14-4, the costs or a portion of the costs thereof to be assessed against the NW 13.17.14.4.
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Therefore, the Council of the County of Newell duly assembled enacts as follows:
1. That, for the purpose of the construction of/Z mile of road lying between SW 13.17-14.4
and SE 14.17-14-4, the sum of eight thousand six hundred dollars IS8,600.00) 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 on the NW 13-17-14-4.
2. The debentures to be issued under this By-law shall not exceed the sum of eight
thousand six hundred dollars ($8,600.00) 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 twelve percent (12%), 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 (10) years, in accordance with the schedule attached to 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.
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.
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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 the NW 13.17-14-4, 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.
October 29, 1998 Moved by Councillor Berg that By-law 1261-98 receive first reading. Carried.
October 29, 1998 Moved by Councillor Stobbs that By-law 1261.98 receive second reading. Carried.
October 29,1998 Moved by Councillor Baksa that consent of Council be given for third and final reading of By
"~ law 1261-98. Carried Unanimously.
October 29, 1998 Moved by Councillor Loewen that By-law 1261-98 receive third and final reading. Carried.
REEV
COUNTY ADMINISTRATOR
Special Lot Assessment
County of Newell No. 4
Schedule "A" to By-law No. 1261-98
Local Improvement -Special Lot Assessment
for Construction af'/: mile of road lying between
SW 13-17.14-4 and SE 14-17.14-4
Total Assessment against all Properties $ 8,600.00
2. Annual unit rate to be payable for a period S 1,168.46
of 10 years at an estimated 6 percent per annum