Title
Bylaw 2026-21 - Walker Lake Water Loop Debenture Refinancing
Proposed Motions
1. That Bylaw 2026-21 receive first reading.
2. That Bylaw 2026-21 receive second reading.
3. That Bylaw 2026-21 be presented at this meeting for third reading.
4. That Bylaw 2026-21 receive third and final reading.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To authorize the refinancing of an existing borrowing (authorized under Bylaw 2021-05) to more favorable loan terms.
Summary
The Walker Lake Water Loop Debenture Refinancing Bylaw authorizes the restructuring of an existing debenture loan repayable to the Province of Alberta at a lower interest rate over a shorter repayment period.
Refinancing this specific debenture will result in a reduction in total debt financing costs and will require Parkland County to borrow the sum of $1,325,585.89 over a period not exceeding Fifteen (15) years from the Province of Alberta on the terms and conditions referred to in this Bylaw.
Since the proposed refinance amount and repayment term do not exceed those outlined under the original borrowing bylaw (Bylaw 2021-05); per section 261 of the Municipal Government Act, the County is not required to advertise this Bylaw.
The sources of money used to pay the principal and interest owing under the borrowing will be offsite levies, municipal taxes and/or restricted surplus funds. Parkland County shall, as applicable, impose, collect and maintain such revenues, taxes and funds that are collectively sufficient to make payments of the principal and interest owing under the borrowing in each year.
Historical:
Bylaw 2021-05 Infrastructure Borrowing Walker Lake Water Loop- April 13, 2021
The Walker Lake Water Loop project was identified in the 2015 Water Servicing Plan for the Acheson and Big Lake area. This connection provides a secondary connection into the Big Lake area which can be critical during water servicing operations or during emergency ...
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