ࡱ> EGD[ Cbjbj ~(ΐΐ 00sssss$P4^(77MMM((((((((((*,(s((((((ssMM((XsMsM(((&|i'MȨ:dE''.(0^(W'2-2-$i'2-si'((((((((((((^(((((2-(((((((((0 9: TOWN OF MUNDARE BYLAW NO 799/09 The council of the Town of Mundare, duly assembled, hereby enacts 1. This bylaw may be cited as the 50th Street Rehabilitation Borrowing Bylaw 2. Council has decided to issue a bylaw pursuant to Section 258 of the Municipal Government Act to authorize the financing, undertaking and completion of the rehabilitation of 50th Street including the installation/construction of storm sewers, water and sewer lines, sidewalks, roads, parks and any other project completed under the Building Canada Fund program. 3. The total cost of the project is estimated to be $6,000,000 and it is estimated that the following grants and contributions will be applied to the project: Capital Reserves $Provincial/Federal Grants$4,000,000.00Debenture(s)$2,000,000.00Total Cost$6,000,000.00 4. In order to complete the project it will be necessary to borrow the sum of $2,000,000 for a period not to exceed twenty five years, from the Alberta Capital Finance Authority or another authorized financial institution, by the issuance of debentures and on the terms and conditions referred to in this bylaw. 5. The estimated lifetime of the project financed under this bylaw is equal to, or in excess of 25 years. 6. The principal amount of the outstanding debt of the town at December 31, 2008 is $ 130,629.40 and no part of the principal or interest is in arrears. 7. All required approvals for the project have been obtained and the project is in compliance with all Acts and Regulations of the Province of Alberta. Borrowing That for the purpose of completing the project as stated in Section 2, the sum of TWO MILLION DOLLARS ($2,000,000) be borrowed from the Alberta Capital Finance Authority or another authorized financial institution by way of debenture on the credit and security of the Town at large, of which amount the full sum of $2,000,000 is to be paid by the Town at large The proper officers of the town are hereby authorized to issue the debenture(s) on behalf of the Town for the amount and purpose as authorized by this bylaw. The Town shall repay the indebtedness according to the repayment structure in effect, namely semi-annual or annual equal payments of fixed principal plus interest not to exceed TWENTY FIVE (25) years calculated at a rate not exceeding the interest rate fixed by the Alberta Capital Finance Authority or another authorized financial institution on the date of the borrowing, and not to exceed SEVEN (7) percent. The Town shall levy and raise in each year municipal taxes sufficient to pay the indebtedness. The indebtedness shall be contracted on the credit and security of the Town. The net amount borrowed under this bylaw shall be applied only to the project specified in this bylaw. Read a first time on February 11, 2009. Read a second time on , 2009. 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