Title
Bylaw 2026-03 Acheson Zone 5 Wastewater Trunk Upgrade Infrastructure Borrowing (Amending Bylaw 2023-13-Acheson Zone 5 Wastewater Trunk Upgrade Infrastructure Borrowing)
Proposed Motion
That Bylaw 2026-03 receive first reading.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
To comply with Sections 191, 251 and 258 of the Municipal Government Act that require Council to pass a bylaw to amend a bylaw to facilitate long-term borrowing of funds.
The Province of Alberta has requested that the Bylaw 2023-13 Section 7 be amended to read:
INTEREST, TERM AND REPAYMENT SOURCE
(1) 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, and 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.
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 started in 2024 and project completed in 2025. 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, municipal taxes and/or restricted surplus funds.
Administration will use an authorized financial institution or the Province of Alberta to facilitate the debt needs.
Bylaw 2026-03, if approved, will fulfill the terms and conditions represented ...
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