Section 251 – The Municipal Government Act
Take notice that the Council of Sturgeon County, in the Province of Alberta, has given first reading to Borrowing Bylaw 1447/19 which will, upon final passage and approval, authorize the proper officers of the said County to borrow monies from Alberta Capital Finance Authority, to pay for the cost of the following infrastructure project:
1447/19 Alberta Industrial Heartland Waterline
The total cost of the aforesaid project amounts to $10,000,000. A portion of the project is to be borrowed on the credit and security of the municipality at large by a $10,000,000 fixed term debenture. The debenture would be split in two: tax funded borrowing ($6,213,870) and developers’ contribution-funded borrowing ($3,786,130).
The tax funded borrowing debenture is to be repayable to the Alberta Capital Finance Authority in thirty (30) equal consecutive semi-annual payments of combined principal and interest, the annual interest not to exceed ten per cent (10%), or the interest rate as fixed from time to time by the Alberta Capital Finance Authority.
The developers’ contribution-funded borrowing is to be repayable to the Alberta Capital Finance Authority in twenty (20) equal consecutive semiannual interest only payments with the principal payment made at the end of the loan term. The annual interest not to exceed ten per cent (10%), or the interest rate as fixed from time to time by the Alberta Capital Finance Authority.
NOW THEREFORE NOTICE is hereby given by the Council of Sturgeon County that, unless a petition of the electors for a vote on Bylaw 1447/19 is demanded, as provided for by the terms of Section 231 of the Municipal Government Act, the said Council may pass the said borrowing bylaw.
The proposed bylaw may be examined between the hours of 8:30 a.m. to 4:30 p.m. in the office of the Legislative Services Officer, Sturgeon County, 9613-100 Street, Morinville, Alberta.