THE CORPORATION OF THE VILLAGE OF MONTROSE

 

BYLAW #577

 

A BYLAW TO AUTHORIZE SHORT-TERM CAPITAL BORROWING

WHEREAS  section 334.4 of the Local Government Act (RS Chapter 323) authorizes the Council of the Village of Montrose to incur a short-term debt for capital purposes, and

WHEREAS  the Council of the Village of Montrose deems it necessary to incur a short-term capital debt for the purpose of undertaking essential repairs to a municipal building,

NOW THEREFORE  the Council of the Village of Montrose, in open meeting assembled, ENACTS AS FOLLOWS:

SHORT TITLE

1.      (1)    This Bylaw may be cited as the "Parks Building Renovations Short-Term Loan Bylaw"

PROJECT

2.      (1)    The project for which a short-term debt is incurred under the authority of this bylaw is the renovation of the Parks Building, being the structure located on (legal description).

         (2)    The renovation shall be those described in the document titled “Specification for The Montrose Change Room Building Renovation,” prepared by Matthes Building Design Inc., dated May 28, 2001, and identified as “Consultant’s Project No. 2001-01-226.”

3.      (1)    The cost of the project is $69,600 inclusive of all taxes.

         (2)    The project is to be financed from current revenues provided for in the 2001-2005 Financial Plan, and from borrowing authorized under this Bylaw.

4.      (1)    The life expectancy of the renovations to be undertaken in this project is twenty (20) years.

BORROWING

5.      (1)    The borrowing authorized under this Bylaw shall be $56,850, being the amount equal to the sum of $50.00 multiplied by the Village of Montrose population of 1,137.

         (2)     The amount borrowed under the authority of this Bylaw, together with all interest, shall be repaid in full not later than five (5) years following the final adoption of this Bylaw.

6.      (1)    The Village of Montrose has not previously exercised its short-term capital borrowing authority provided for by the Local Government Act, and the Village of Montrose does not have an outstanding debt under that provision.

REPAYMENT

7.      (1)    The debt incurred under the authority of this Bylaw shall be repaid with payments on the principle borrowed of not less than $12,000.00, in August of each year until the debt is fully repaid.

         (2)     The interest on the debt shall be paid at such rate, and following such schedule, as may be directed by the lending agency.

8.      (1)     The funds required for the repayment of the debt and interest shall be generated, in order of priority, from the annual capital projects allocation, from reductions in established operating programs, from annual operating budget surpluses, and from property taxes.

         (2)     A property tax increase required for the repayment of the debt authorized under this Bylaw shall not exceed fifty percent (50%) of the amount required for the annual principal and interest payments.

 

ENACTMENT

9.      (1)    If any section, subsection, sentence, clause or phrase of this Bylaw is for any reason held to be invalid by the decision of any court of competent jurisdiction, the invalid portion shall be severed and the part that is invalid shall not affect the validity of the remainder.

         (2)    This Bylaw shall come into full force and effect on final adoption.

READ A FIRST TIME                                                                                 this 17th day of July, 2001

READ A SECOND TIME                                                                            this 17th day of July, 2001

READ A THIRD TIME                                                                                 this 17th day of July, 2001

APPROVED BY THE INSPECTOR OF MUNICIPALITIES                                       this day of, 2001

RECONSIDERED AND FINALLY ADOPTED                                                           this day of, 2001

 

 

_________________________                                                         _________________________

                    Mayor                                                                                                                        Village Clerk

 

Certified a true copy of Bylaw #577, as adopted.

 

 

     _________________________

         Village Clerk, André Carrel