BYLAW 1833- BORROWING GUARANTEE
TO AUTHORIZE THE GUARANTEE OF A LOAN BY THE TOWN OF TROCHU
TAKE NOTICE that the Council of Kneehill County, in the province of Alberta, has given first reading to Borrowing Guarantee Bylaw 1833 which will, upon final passage and approval, authorizes the County to guarantee a loan to the Town of Trochu to support the Town of Trochu as they construct the Trochu Seniors Supportive Living Facility Project.
The details of the proposal:
- Kneehill County intends to provide a loan guarantee for the Town of Trochu in the amount not to exceed TWENTY MILLION (20,000,000.00) DOLLARS, based on a loan with an interest rate not to exceed 4.0% to be repaid in full by the Town of Trochu.
- The County will utilize cash reserves or funds raised through taxation to honor the payments of the loan should the Town of Trochu become unable to meet the terms of the loan.
NOW, THEREFORE, NOTICE is hereby given that unless a vote of the electors is demanded, as provided for by the terms of Section 266 of the Municipal Government Act, County Council may pass this bylaw.
All persons interested are hereby notified and they are required to govern themselves accordingly.
To read a copy of the proposed bylaw:
The procedure to be followed by anybody wishing to file a petition in respect to this Bylaws is as set out in the Municipal Government Act. A petition must be signed by the required number of petitioners, that is, the petition must be signed by electors of the municipality equal in number to at least 10 percent (5,001) of the population.
An “Elector” is defined as a person who is:
- 18 years or older;
- a Canadian Citizen, and
- who has resided in Alberta for the six consecutive months immediately preceding election day and is resident in the area on election day.
The petition for a vote must be received by the Chief Administrative Officer within 15 days of the last publication of this notice and shall contain on each page “an accurate and identical statement of the purpose and objectives of the petition”. (Further conditions of the petition are described in the Municipal Government Act, Section 224.)
The petition must be received by the Chief Administrative Officer on or before 4:30 p.m., April 8th, 2021. The date for second and third reading is Tuesday, April 13th, 2021.
For further information, please contact the Legislative Services Office at 403-443-5541.
Date of the last publication of this notice will be the 24th day of March 2021.
Kneehill County CAO