Title
Bylaw 2023-13 - Infrastructure Borrowing - Acheson Zone 5 Wastewater Trunk Upgrade
Proposed Motion
1. That Bylaw 2023-13 receive second reading.
2. That Bylaw 2023-13 receive third and final reading.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
In accordance with Sections 251 and 258 of the Municipal Government Act, Council is required to pass by Bylaw to facilitate long-term borrowing of funds.
Summary
This project includes constructing an additional wastewater line that will expand system capacity and facilitate future development in Zone 7. This additional line is proposed to be constructed along 279 Street between 96 Avenue and the Acheson Zone 5 Lift Station.
Design was initiated in 2022 and continued to 2023 with construction scheduled for 2024.
The cost of the upgrade is not to exceed $2,500,000 and will be accommodated by debt borrowing. The anticipated interest rate is to be determined but is not to exceed 10 percent over a 30-year term, as outlined in Bylaw 2023-13.
The repayment of the indebtedness for infrastructure, plus any interest expenses, is to be funded by off-site levies.
Administration will use an authorized financial institution or Province of Alberta to facilitate the debt needs.
Bylaw 2023-13 received first reading on October 10, 2023. As per the requirement of Section 606 of the Municipal Government Act, advertising of Bylaw 2023-13 was placed in the Friday, October 13, 2023 and Friday, October 20, 2023 editions of the local paper. No valid petitions or public input were received at the time this report was written.
Strategic Plan/Policy/Legal/Staff Implications
Municipal Government Act - Section 258
Financial Impact:
Cost: $2,500,000
Source of Funding: Debt