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BYLAW
#2013-784
VILLAGE
OF CARBON
(hereinafker referred to the "Municipality")
IN THE
PROVINCE
OF ALBERTA
A BYLAW
OF THE VILLAGE
OF CARBON
TO AUTHORIZE
THE COUNCIL
OF THE
VILLAGE
OF CARBON
TO INCUR INDEBTEDNESS
BY THE ISSUANCE
OF
DEBENTURE
IN THE AMOUNT
OF $100,000
FOR THE PURPOSE
OF
PURCHASING
BARE LANDS
& SERVICING
FOR CAMPGROUND
EXPANSION.
WHEREAS,
pursuant
to Section 258 of the Municipal
Government
Act, S.A. 2000,
Chapter
M-26, the Village of Carbon has authorized
the financing,
undertaking
and
completion
of purchasing
lands and servicing
for campground
expansion.
AND WHEREAS,
the plans and specifications
have been prepared
and the total cost of
the project is estimated
to be $al 00,000 and the Village of Carbon estimates
the
following
contributions
will be applied to the project:
Debenture:
Total Cost:
100.000
$100,000
AND WHEREAS,
in order to purchase
the said lands and complete
the project it will be
necessary
for the Municipality
to borrow the sum of $1 oo,ooo, for a period not to
exceed 15 years, from the Alberta
Treasury
Branch, or another
authorized
financial
institution,
by the issuance
of debentures
and on the terms and conditions
referred
to in
this bylaw.
AND WHEREAS,
the estimated
lifetime of the project financed
under this bylaw is equal
to, or in excess of 15 years.
AND WHEREAS,
the principal
amount
of the outstanding
debt of the Municipality
at
December
31, 2012 is $779,215
and no part of the principal
or interest
is in arrears.
AND WHEREAS,
all required
approvals
for the project have been obtained
and the
project is in compliance
with all Acts and Regulations
of the Province
of Alberta.
NOW THEREFORE,
THE MUNICIPAL
COUNCIL
OF THE VILLAGE
OF CARBON,
in
Council duly assembled
enacts as follows:
4. That for the purpose
of expanding
economic
development
with a campground
expansion/servicing,
the sum of ONE HUNDRED
THOUSAND
($IO0,000)
be
borrowed
from the Alberta
Treasury
Branch or another
authorized
financial
institution
by way of debenture
on the credit and security
of the Municipality
at
large, or which amount the full sum of $100,000
is to be paid by the Municipality
at large.
2. The proper officers of the Municipality
are hereby authorized
to issue
debenture(s)
on behalf of the Municipality
for the amount
and purpose
as
authorized
by this bylaw, namely the campground
expansion
project.
3. The Municipality
should repay the indebtedness
according
to the repayments
structure
in effect, namely
semi-annual
or annual equal payments
of combined
principal
and interest installments
not to exceed FIFTEEN
(15) years calculated
at a rate not exceeding
the interest rate fixed by the Alberta
Treasury
Branch or
another
authorized
financial
institution
on the date of the borrowing,
and not to
exceed EIGHT (8) percent.
4. The Chief Elected Official and Chief Administrative
Officer of the Municipality
shall authorize
a designated
financial
institution
to make payments
to the holder
of the debentures,
on such date and in such amounts
as specified
in the
repayment
schedule
forming part of each debenture.
Village
of Carbon
Bylaw 2013-784
Bonoiiving
Bylaw
J
5. The Municipality
shall levy and raise in each year municipal
taxes sufficient
to
pay the indebtedness.
6. The indebtedness
shall be contracted
on the credit and security
of the
Municipality.
7. The net amount
borrowed
under the bylaw shall be applied only to the project
specified
by this bylaw.
8. This bylaw comes into force on the date it is passed.
READ A FIRST TIME this 23 day of September,
20al3.
Mayor
READ A SECOND
TIME this 28 day of October
20)j3.
Mayor
READ A THIRD AND FINAL
TIME this 28 day of October,
2013.
Mayor
Municip-al AdminisjrJor