THE CORPORATION OF THE VILLAGE OF MONTROSE
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:
1. (1) This Bylaw may be cited as the "Parks Building Renovations Short-Term Loan Bylaw"
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.
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.
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.
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