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HomeMy WebLinkAbout1698-10 Loan Bylaw - Tilley & District Fire Association COUNTY OF NEWELL NO. 4 IN THE PROVINCE OF ALBERTA BYLAW NO. 1698 -10 A By -law of the County of Newell No. 4, in the Province of Alberta, to provide a loan to the Tilley & District Fire Association. Whereas, pursuant to Section 265 of the Municipal Government Act, Statutes of Alberta, 1994, Chapter M -26.1, Council may pass a By -law to loan money to a non - profit organization, if 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 Tilley & District Fire Association with a loan of eight hundred thousand dollars ($800,000.00) which the Tilley & District Fire Association requires to proceed with construction of the new Tilley Fire Hall. 2. That said loan will be provided by the County at a rate of 3.497 %. 3. The Tilley & District Fire Association agrees to repay the loan such that the loan is fully repaid no later than June 15, 2020. 4. Although the loan is not to be repaid in full until June 15, 2020, the Tilley & District Fire Association may prepay a portion or all of the loan at any time prior to the loan maturing. 5. The Loan shall be repaid by way of a levy that will be applied to the County of Newell No. 4 property tax base with 25% of the annual payment generated from identifiable properties in The Tilley Fire Department response area and 75% of the annual payment generated from the non - residential portion of the assessment base throughout the County. 6. This loan shall be funded from the County of Newell Municipal Surplus Reserve. 7. That this By -law shall come into force upon the passing thereof. April 8, 2010 MOVED BY Councillor H. Wutzke that Bylaw 1698 -10 receive FIRST reading. MOTION CARRIED May 6, 2010 MOVED BY Councillor B. de Jong that Bylaw 1698 -10 receive SECOND reading. MOTION CARRIED May 6, 2010 MOVED BY Councillor A.M. Philipsen that Bylaw 1698 -10 receive THIRD and FINAL reading. MOTION CARRIED Reeve - Molly Douglass Chi if istrative Officer - Kevin Stephenson