Bylaw #631-2018 – Water Project Financing Loan Bylaw — full text

This is the exact embedded text of the captured official document. Snapshot b732924af336 · verified 2026-06-08 · original document · archived snapshot · unofficial consolidation, the official version is held by the municipal clerk.

Being a bylaw to authorize the Council of the Village of Delia to incur indebtedness by borrowing $690,000 to complete a Water Reservoir Expansion project. WHEREAS the Council of the Village of Delia has decided to issue a bylaw pursuant to Section 251 of the Municipal Government Act, to authorize the issuance of a loan to cover expenses related to a water reservoir expansion; WHEREAS the Village Debt Limit as per the 2017 financial statement is $691,181 WHEREAS the Village Debt Servicing limit as per the 2017 financial statement is $115,197 WHEREAS the bylaw be advertised in accordance with section 606 of the Act whereby a notice of the bylaw be mailed or delivered to every residence in the area to which the proposed bylaw relates prior to second reading being given. NOW THEREFORE the Council of the Municipality enacts as follows: Short Title The short title of this Bylaw shall be the "Water Project Financing Loan". Conditions 1 That the purpose of this loan be for covering expenses related to the Water Reservoir Expansion project which was applied for in 2006 where federal funding was approved in 2017 and extended to 2019. 2 The proper officers of the Village are hereby authorized to issue debt on behalf of the Village for the amount and purpose as authorized by this by-law. 3 The Village shall levy and raise in each year municipal taxes sufficient to pay the indebtedness of this loan. As well that a portion of future capital grant funds be used to pay the indebtedness of this loan. 4 The indebtedness shall be contracted on the credit and security of the Village. 5 That the total amount of this loan is not to exceed $690,000. 6 That the interest rate of this loan is to be fixed for 5 years however to allow for renewal of the loan, if necessary, the maximum approved interest rate as per this bylaw is not to exceed 10%. 7 That the borrowing under this and any subsequent bylaw shall not exceed our approved debt limits as prescribed by the Municipal Government Act. Village of Delia - Province of Alberta By-Law #631-2018 - Water Project Financing Loan Village of Delia Bylaw 626-2017 Page...2 8 This bylaw shall come into full force and effect on the day that it is finally passed by Council by giving it third and final reading and it is signed in accordance with the MGA. READ A FIRST TIME THIS ______ DAY OF_________, 2018. ________________________________ Mayor David Sisley ________________________________ Chief Administrative Officer Mark Nikota READ A SECOND TIME THIS ________ DAY OF ________, 2018. READ A THIRD TIME AND FINALLY PASSED THIS _____ DAY OF ________, 2018. _______________________________ Mayor David Sisley _______________________________ Chief Administrative Officer Mark Nikota