Title
Bylaw 2025-20 - Infrastructure Borrowing - Acheson Zone 6 Infrastructure Construction
Proposed Motion
That Bylaw 2025-20 receive first 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 by Bylaw to facilitate long-term borrowing of funds.
Summary
The project includes construction of water and wastewater infrastructure that will facilitate future development in Acheson Zone 6. The infrastructure is proposed to be constructed along Pinchbeck Road south of Hwy 16A, as well as west of Pinchbeck Road, within Acheson Zone 6.
Design was initiated in 2024 and continued into 2025 with construction scheduled for 2025.
The cost of the infrastructure is not to exceed $4,500,000 and will be accommodated by debt borrowing. The anticipated interest rate is to be determined but is not to exceed 10 percent over a term not to exceed 30-years, as outlined in Bylaw 2025-20.
The repayment of the indebtedness for infrastructure, plus any interest expenses, is to be funded by off-site levies and or restricted surplus funds as an interim financing measure.
Administration will use an authorized financial institution or Province of Alberta, to facilitate the debt borrowing needs.
Historical Information:
Strategic Plan/Policy/Legal/Staff Implications:
Municipal Government Act - Sections 251 and 258
Financial Impact:
Cost: $4,500,000
Source of Funding: Debt