HomeMy WebLinkAbout1292-99 Debenture - Rainier Water Supply SystemCounty of Newell No. 4
By-law No. 1292.99
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 construction
of a water supply system in the Hamlet of Rainier.
Whereas the Council of the County of Newell has decided to issue a By-law pursuant to
Section 251 of the Municipal Government Act to authorize the financing of the water supply
system in the Hamlet of Rainier.
The total cost of the said project isninety-eight thousand eight hundred forty-seven dollars and
forty-two cents ($98,847.42).
The Council of the County of Newell has received the following grants which will be applied
to the project:
Alberta Municipal WaterlWastewater Partnership (572,475.63)
seventy-two thousand four hundred seventy-five dollars and sixty-three cents
In order to construct and complete the said project, it will be necessary for the County to
borrow the sum of twenty-six thousand three hundred seventy-one dollars and seventy-nine
-- cents 1526,371.791(the "indebtedness") on the terms and conditions referred to inthis By-law.
The County will repay the indebtedness over a period of five 15) years in annual instalments,
with interest not exceeding fourteen percent (14%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 July 13,1999 is one million eighty-
sixthousand four hundred eighty-five dollars and six cents (51,086,485.06), nopart ofwhich
is in arrears.
The estimated lifetime of the project is twenty-five (25) years.
The proposed construction will serve twelve residences and the Alcoma School.
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 water supply system in the Hamlet of Rainier, 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.
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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 a water supply system in the Hamlet of
Rainier, the sum oftwenty-six thousand three hundred seventy-one dollars and seventy-
ninecents (526,371.79) 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 twenty-six
thousand three hundred seventy-one dollars and seventy-nine cents (526,371.79), 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%1, 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 five 15) 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 ar 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.
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 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 By-law shall take effect on the day of the final passing thereof.
July 22, 1999 Moved by Councillor Stobbs that Bylaw 1292-99 receive first reading. Carried.
July 22, 1999 Moved by Councillor Douglass that By-law 1292.99 receive second reading. Carried.
July 22, 1999 Moved by Councillor Baksa that consent of Council be given for third and final reading of By-
law 1292.99. Carried Unanimously.
July 22, 1999 Moved by Councillor Berg that By-law 1292.99 receive third reading. Carried.
REEVE
COUNTY ADMINISTRATOR
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Special Frontage Assessment
County of Newell No. 4
Schedule "A" to By-Law No. 1292.99
Local Improvement -Special Frontage Assessment
for Construction of a Water Supply System in the Hamlet of Rainier
1. The assessment for the proposed local improvement is as follows:
Share of Annual
PIanIBlocklLot Lepal Description Proportion Total Cost Payment
Plan 8410735 Block 2MR NW 24-16.16-4 84.0000% 522,152.30 55,258.88
NE 23.16-16.4 1.3333% 351.62 83.47
Plan 9310394 Block 1 NE 23.16.16.4 1.3333% 351.62 83.47
Plan 1976 F.G. NE 23.16.16.4 1.3333% 351.62 83.47
NE 23-16-16-4 1.3333°~ 351.62 83.47
Plan 7810950 Block 1 NW 24-16.16.4 1.3333% 351.62 83.47
Plan 6655 F.J. SE 26-16.16-4 1.3333% 351.62 83.47
SE 26-16-16.4 1.3333% 351.62 83.47
SE 26.16.16.4 1.3333°~ 351.62 83.47
Plan 3487 F.U. Lot 1 NE 23.16.16.4 1.3333% 351.62 83.47
Plan 3487 F.U. Block 1 Lot 1 NE 23.16.16-4 1.3333% 351.62 83.47
Plan 3487 F.U. Lot 1 NE 23.16.16.4 1.3333% 351.62 83.47
Plan 3487 F.U. Block 1 Lot 2 NE 23.16.16.4 1.3333% 351.62 83.47
99.9996% 26,371.74 6,260.52
2. Total debenture amount 526,371.79
3. Total annual local improvement levy 56,260.57