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VILLAGE OF DUCHESS
In the Province of Alberta
Bylaw No. 526-25
Municipal Borrowing Bylaw
A Bylaw of the Village of Duchess, in the Province of Alberta, for the purpose specified in Section 256 of
the Municipal Government Act.
WHEREAS the Council of the Village of Duchess (hereinafter called the "Corporation") in the Province of
Alberta, considers it necessary to borrow certain sums of money for an Account Overdraft.
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 $ 500,000 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 each and every month.
2.
The borrowing is a line of credit repayable on demand available from April 14,2025 to April 14,
2026. The Corporation is required to pay accrued interest monthly.
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 evidences of debt
for such loans and renewals of all such promissory notes and other negotiable
instruments or evidences of debts;
(ii) to give or furnish to ATB all such securities and promises as ATB may require to
securer payment 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 from Municipal taxes, reserves, or grants.
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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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.
Bylaw # 517-24 and all amendments thereto are hereby repealed.
8.
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 ____ day of April 2025 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.
READ a first time this ____day of April 2025.
READ a second time this ____ day of April 2025.
READ for the third time, and passed by unanimous consent this ____ day of April 2025.
____________________________
Tony Steidel, Mayor
____________________________
Yvonne Cosh, CAO