HomeMy WebLinkAbout1709-10 Loan Bylaw (NRSC)September 23, 2010
October 7, 2010
October 7, 2010
COUNTY OF NEWELL NO. 4
IN THE PROVINCE OF ALBERTA
BYLAW NO. 1709 -10
A By -law of the County of Newell No. 4, in the Province of Alberta, to provide a loan to the
Newell Regional Services Corporation (NRSC).
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 Newell Regional Services Corporation with a loan of three hundred
thousand dollars ($300,000.00) which NRSC requires to commence the operation of
hamlet water and sewer systems within the County until such time as NRSC revenues
generate the income required to cover the costs incurred by NRSC to discharge
responsibility for the ongoing operations of various water and sewer systems within the
County of Newell.
2. That said loan will be provided by the County interest free (0
3. The Corporation agrees to repay the loan such that the loan is fully repaid no later than
December 31, 2013.
4. Although the loan is not to be repaid in full until December 31, 2013, NRSC will make
reasonable efforts, taking into account its financial situation, to make annual payments in
the years 2011 and 2012.
5. This loan shall be funded from the County of Newell Regional Enhancement Reserve.
6. That this By -law shall come into force upon the passing thereof.
Reeve Molly Douglass
MOVED BY COUNCILLOR H. WUTZKE that Bylaw 1709 -10 receive FIRST
reading. MOTION CARRIED
MOVED BY COUNCILLOR B. DE JONG that Bylaw 1709 -10 receive
SECOND reading. MOTION CARRIED
MOVED BY COUNCILLOR J. HARBINSON that Bylaw 1709 -10 receive
THIRD AND FINAL reading. MOTION CARRIED
Chief A` y strafive Officer Kevin Stephenson