HomeMy WebLinkAbout1436-03 Loan - Newell FoundationCounty of Newell No. 4
By-law No. 1436-03
A By-law of the County of Newell No. 4, in the Province of Alberta, to provide
a loan to the Newell Foundation.
Whereas, pursuant to Section 265 of the Municipal Government Act, Statutes
of Alberta, 1994, Chapter M-26.1, the Council may pass a By-law to loan
money to anon-profit organization, if the Council considers the loan will be
used for a purpose that benefits the municipality.
Now therefore, the Council of the County of Newell No. 4, in the Province of
Alberta, duly assembled, enacts as follows:
1. To provide the Newell Foundation with a loan of nine million dollars
($9,000,000.00) for the construction and upgrade to the Newbrook Lodge,
Brooks, Alberta.
2. That said loan will bear the current rate of interest established by the
Alberta Capital Finance Authority at the time of borrowing and will be no
less than four percent (4.00%) per annum.
3. That said loan would be repaid over a period of fifteen (15) years in equal
installments, which will include both interest and principal.
4. The installments must be made prior to September 15th of each year. The
first installment will be due September 15, 2004.
5. The funding to provide this loan shall come from the issuance of
debentures to the Alberta Capital Finance Authority pursuant to County
of Newell No. 4 By-law No. 1437-03.
6. That this By-law shall come into force upon the passing thereof.
July 10, 2003 Moved by Councillor Loewen that By-law 1436-03 receive first reading.
Carried.
August 18, 2003 Moved by Councillor Loewen that By-law 1436-03 receive second reading.
Carried.
August 18, 2003 Moved by Councillor Vermeeren that By-law 1436-03 receive third and final
reading. Carried.
EV
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COUNTY ADMINISTRATOR