HomeMy WebLinkAbout1786-13 Borrowing (Scandia Waste Water Lagoon & Lift Station)COUNTY OF NEWELL
PROVINCE OF ALBERTA
BYLAW No. 1786 -13
A BYLAW OF THE COUNTY OF NEWELL, IN THE PROVINCE OF ALBERTA, TO
AUTHORIZE THE COUNCIL OF THE COUNTY OF NEWELL TO INCUR
INDEBTEDNESS BY THE ISSUANCE OF DEBENTURES IN THE AMOUNT OF
$449,776 FOR THE PURPOSE OF FINANCING THE "HAMLET OF SCANDIA
WASTEWATER LAGOON AND LIFT STATION" LOCAL IMPROVEMENT PROJECT.
WHEREAS, the Council of the County of Newell has decided to issue a bylaw pursuant
to Section 263 of the Municipal Government Act to authorize a local improvement tax
levy to pay for the "Hamlet of Scandia Waste Water Lagoon and Lift Station" local
improvement project.
Plans and specifications have been prepared. The total cost of the project is estimated
to be $2,540,310 with the following contributions to be received or applied to the project:
1) Benefiting Owners (Revenue raised by local improvement tax): $ 449,776
2) Provincial Grants: $1,451,254
3) County of Newell at Large $ 639,280
TOTAL: $2,540,310
In order to complete the project it will be necessary for the County of Newell to borrow
the sum of $449,776, for a period not to exceed 20 years, from the Alberta Capital
Finance Authority or another authorized financial institution, by the issuance of
debentures and on the terms and conditions referred to in this bylaw.
The estimated lifetime of the project financed under this bylaw is in excess of 20 years.
All the required approvals for the project have been obtained and the project is in
compliance with all Acts and Regulations of the Province of Alberta.
NOW, THEREFORE, the Council of the County of Newell duly assembled, enacts as
follows:
1. That for the purpose of completing the "Hamlet of Scandia Waste Water Lagoon and
Lift Station" local improvement project the sum of FOUR HUNDRED FORTY NINE
THOUSAND SEVEN HUNDRED SEVENTY SIX DOLLARS ($449,776) be borrowed
from the Alberta Capital Finance Authority or another authorized financial institution
by way of debenture on the credit and security of the Municipality at large.
2. The amount of FOUR HUNDRED FORTY NINE THOUSAND SEVEN HUNDRED
SEVENTY SIX DOLLARS ($449,776) is to be collected by way of local improvement
tax imposed pursuant to the municipality's tax Bylaw No. 1785 -13.
3. The proper officers of the Municipality are hereby authorized to issue debentures on
behalf of the Municipality for the amount and purpose as authorized by this bylaw,
namely the "Hamlet of Scandia Waste Water Lagoon and Lift Station" local
improvement project.
4. The County of Newell shall repay the indebtedness according to the repayment
structure in effect, namely annual or semi - annual equal payments of combined
principal and interest installments not to exceed TWENTY (20) years calculated at a
rate not exceeding the interest rate fixed by the Alberta Capital Finance Authority or
another authorized financial institution on the date of borrowing, and not to exceed
SEVEN (7) percent.
5. The indebtedness shall be contracted on the credit and security of the County of
Newell.
6. The net amount borrowed under the bylaw shall be applied only to the project
specified by this bylaw.
7. This bylaw comes into force on the date of final reading.
January 23, 2014 MOVED BY COUNCILLOR C. AMULUNG that Bylaw 1786 -13
receive FIRST reading. MOTION CARRIED
January 23, 2014 MOVED BY COUNCILLOR K. CHRISTMAN that Bylaw 1786 -13
receive SECOND reading. MOTION CARRIED
January 23, 2014 MOVED BY COUNCILLOR L. JUSS that consent be given for
Bylaw 1786 -13 to receive third reading this 23rd day of January,
2014. MOTION CARRIED UNANIMOUSLY
January 23, 2014 MOVED BY COUNCILLOR W. HAMMERGREN that Bylaw
1786 -13 receive THIRD and FINAL reading. MOTION CARRIED
7C.t7
Reeve — Molly Dougl4s
Ci
nistrative Officer— Kevin Stephenson