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