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Bylaw 754-22 Municipal Borrowing Bylaw
Municipal Borrowing Bylaw
For the Purpose Specified in Section 256 of the Municipal Government Act
Bylaw No. 770-24
WHEREAS the Council of VILLAGE OF DONALDA (hereinafter called the "Corporation") in the
Province of Alberta considers it necessary to borrow certain sums of money for the purpose of:
OPERATING EXPENDITURES
NOW THEREFORE, pursuant to the provisions of the Municipal Government Act, it is hereby
enacted by the Council of the Corporation as a Bylaw that:
1. The Corporation is hereby authorized to borrow from ATB Financial ("ATB") up to the
principal sum of $190,000.00, repayable upon demand at a rate of interest per annum from
time to time established by ATB, not to exceed 10%, and such interest will be calculated daily
and due and payable monthly on the last day of every month.
2. The Corporation is hereby authorized to borrow from ATB Financial ("ATB") up to the
principal sum of $5,000.00.
For the purpose of MasterCard being repayable in accordance with the cardholder agreement,
3. The Chief Elected Officer and the Chief Administrative Officer are authorized for and on
behalf of the Corporation:
(a)to apply to ATB for the aforesaid loan to the Corporation and to arrange with ATB the
amount, terms, and conditions of the loan and security or securities to be given to ATB;
(b)as security for any money borrowed from ATB(i)to execute promissory notes and other
negotiable instruments or evidence of debt for such loans and renewals of all such promissory
notes and other negotiable instruments or evidence of debts;
(ii)to give or furnish to ATB all such securities and promises as ATB may require to secure
repayment of such loans and interest thereon; and
(iii)to execute all security agreements, hypothecations, debentures, charges, pledges,
conveyances, assignments, and transfers to and in favour of ATB of all or any property, real or
personal, moveable or immovable, now or hereafter owned by the Corporation or in which the
Corporation may have any interest, and any other documents or contracts necessary to give or
to furnish to ATB the security or securities required by it.
4. The source or sources of money to be used to repay the principal and interest owing under
the borrowing from ATB are:
General Revenue/Municipal Taxation/Operating Account
5. The amount to be borrowed and the term of the loan will not exceed any restrictions set
forth in the Municipal Government Act.
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Bylaw 754-22 Municipal Borrowing Bylaw
6. In the event that the Municipal Government Act permits extension of the term of the loan
and in the event the Council of the Corporation decides to extend the loan and ATB is prepared
to extend the loan, any renewal or extension, bill, debenture, promissory note, or other
obligation executed by the officers designated in paragraph 3 hereof and delivered to ATB will
be valid and conclusive proof as against the Corporation of the decision of the Council to extend
the loan in accordance with the terms of such renewal or extension, bill, debenture, promissory
note, or other obligation, and ATB will not be bound to inquire into the authority of such
officers to execute and deliver any such renewal, extension document or security.
7. This Bylaw comes into force on the final passing thereof.
Certificate
WE HEREBY CERTIFY that the foregoing Bylaw was duly passed by the Council of the
Corporation therein mentioned at a duly and regularly constituted meeting thereof held on the
20th day of February 2024, at which a quorum was present, as entered in the minutes of the
said Council, and that the Bylaw has come into force and is still in full force and effect.
THIS Municipal Borrowing Bylaw, inclusive of its Certificate: (a) may be executed electronically,
and (b) may be delivered by email, facsimile, or other functionally equivalent means.
8. REPEAL
1.1.
Bylaw No. 758-23 and all amendments thereto are hereby rescinded.
READ A FIRST TIME THIS 20th day of February 2024
READ A SECOND TIME THIS 20th day of February 2024
READ A THIRD TIME THIS 20th day of February 2024
DATED THIS 20th day of February 2024
____________________________
Chief Elected Official
____________________________
Chief Administrative Officer