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HomeMy WebLinkAbout1816-15 Borrowing - Patricia Pump, Control System & Piping UpgradesCOUNTY OF NEWELL PROVINCE OF ALBERTA BYLAW No. 1816-15 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 $63,512 FOR THE PURPOSE OF FINANCING THE "HAMLET OF PATRICIA PUMP, CONTROL SYSTEM & PIPING UPGRADES" 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 the financing, undertaking and completion of the "Hamlet of Patricia Pump, Control System & Piping Upgrades" local improvement project. Plans and specifications have been prepared. The total cost of the project is estimated to be $254,049 with the following contributions to be received or applied to the project: 1) Benefiting Owners (Revenue raised by local improvement tax): $ 63,512 2) Provincial Grants: $190,537 TOTAL: $254,049 In order to complete the project it will be necessary for the County of Newell to borrow the sum of $63,512, 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 Patricia Pump, Control System & Piping Upgrades" local improvement project the sum of SIXTY THREE THOUSAND FIVE HUNDRED AND TWELVE DOLLARS ($63,512) 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 SIXTY THREE THOUSAND FIVE HUNDRED AND TWELVE DOLLARS ($63,512) is to be collected by way of local improvement tax imposed pursuant to the municipality's tax Bylaw No. 1815-15. 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 Patricia Pump, Control System & Piping Upgrades" 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. February 12, 2015 MOVED BY COUNCILLOR A.M. PHILIPSEN that Bylaw 1816-15 receive FIRST reading. MOTION CARRIED February 12, 2015 MOVED BY COUNCILLOR T. FYFE that Bylaw 1816-15 receive SECOND reading. MOTION CARRIED February 12, 2015 MOVED BY COUNCILLOR K. CHRISTMAN that consent be given for Bylaw 1816-15 to receive third reading this 12th day of February, 2015. MOTION CARRIED February 12, 2015 MOVED BY COUNCILLOR B. DE JONG that Bylaw 1816-15 receive THIRD and FINAL reading. MOTION CARRIED A. Reeve - Molly Douglass-� Chief A' . i s afive Officer- Kevin Stephenson