HomeMy WebLinkAbout1867-16 Debenture - Tilley Sanitary & Potable Water InfrastructureCOUNTY OF NEWELL
PROVINCE OF ALBERTA
BYLAW No. 1867-16
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
$640,850 FOR THE PURPOSE OF FINANCING THE "HAMLET OF TILLEY
SANITARY AND POTABLE WATER INFRASTRUCTURE" 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 Tilley Sanitary and Potable Water Infrastructure" local
improvement project.
Plans and specifications have been prepared. The total cost of the project is estimated
to be $1,145,820 with the following contributions to be received or applied to the project:
1) Benefiting Owners (Revenue raised by local improvement tax): $ 640,850
2) Municipality at large: 504,970
TOTAL: $1,145,820
In order to complete the project it will be necessary for the County of Newell to borrow
the sum of $640,850, for a period not to exceed 25 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 25 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:
That for the purpose of completing the "Hamlet of Tilley Sanitary and Potable Water
Infrastructure" local improvement project the sum of SIX HUNDRED FORTY
THOUSAND EIGHT HUNDRED AND FIFTY DOLLARS ($640,850) 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 SIX HUNDRED FORTY THOUSAND EIGHT HUNDRED AND FIFTY
DOLLARS ($640,850) is to be collected by way of local improvement tax imposed
on the benefiting owners of the "Hamlet of Tilley Sanitary and Potable Water
Infrastructure" local improvement project.
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 Tilley Sanitary and Potable Water Infrastructure" 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 FIVE (25) 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.
May 19, 2016 MOVED BY COUNCILLOR LIONEL JUSS that Bylaw 1867-16
receive FIRST reading. MOTION CARRIED
May 19, 2016 MOVED BY COUNCILLOR WAYNE HAMMERGREN that Bylaw
1867-16 receive SECOND reading. MOTION CARRIED
May 19, 2016 MOVED BY COUNCILLOR ANNE MARIE PHILIPSEN that
consent be given for Bylaw 1867-16 to receive third reading this
19th day of May, 2016. MOTION CARRIED UNANIMOUSLY
May 19, 2016 MOVED BY COUNCILLOR KELLY CHRISTMAN that Bylaw
1867-16 receive THIRD and FINAL reading. MOTION CARRIED
Reeve — Molly Doua s h e A ministrative Officer— Kevin Stephenson