Title
Debenture Borrowing Bylaw No. 25-2012
Proposed Motions
That Debenture Borrowing Bylaw No. 25-2012 receive second reading.
That Debenture Borrowing Bylaw No. 25-2012 receive third and final reading.
Body
Administration Recommendation
Administration supports that Debenture Borrowing Bylaw No. 25-2012 to receive second and third reading.
Purpose
By providing second and third reading of Bylaw No. 25-2012, Council is taking the next step in approving the financing for the construction of an ambulance facility which will be leased to Alberta Health Services over a 20 year period.
Summary
At the June 26, 2012 Council meeting, Council gave first reading to Debenture Borrowing Bylaw No. 25-2012. As per the Municipal Government Act and Alberta Capital Finance Authority requirements the bylaw was advertised for two consecutive weeks in the local newspaper. There were no petitions received against the bylaw so Council is now able to provide second and third reading. Once second and third reading are given to the bylaw, as under Section 273 of the MGA, an application to have a by-law declared invalid can be made to the Court of Queen's Bench for 30 days after the by-law is passed. The Alberta Capital Finance Authority will not approve any borrowing until the 30 day period has expired. This date would be September 27, 2012.
Strategic Plan/Policy/Legal/Staff Implications
This project meets the following Strategic Plan values and objectives:
· Parkland County is showing leadership, cooperation and supporting community values in the region and province by collaboratively constructing
an ambulance station for the benefit of the region on Provincial Government land in the Town of Stony Plain!
· The ambulance station will improve resident safety and quality of life.
Financial Impact:
Cost: $5,794,200
Source of Funding: Debenture Borrowing *Note: This borrowing does not exceed the Municipality's debt limits established by Municipal Affairs.
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