SECTION 258 (i) and 261 – THE MUNICIPAL GOVERNMENT ACT
Please be advised that this is a refinancing existing debt to reduce debt financing costs- lower interest rate and a Bylaw must be adopted in order to do so.
The Town of Elk Point Council, in the Province of Alberta, has given first reading to borrowing By-Law 763/17 on June 26, 2017 which will, upon final passage and approval, authorize the proper officers of the said Town to borrow monies from Alberta Capital Finance Authority, to borrow Nine Hundred and Seventy Two Thousand Four Hundred and Nineteen Dollars ($972,419.00) to refinance existing debt for Water Reservoir in order to pay Servus Credit Union Ltd. and at any one time hereunder shall not exceed the sum of Nine Hundred and Seventy Two Thousand Four Hundred and Nineteen Dollars ($972,419.00).
All sums authorized to be borrowed hereunder, including interest, shall be due and payable in full no later than nine years being December 31st, 2026 unless hereafter extended by authority of the Council of the Corporation.
NOW THEREFORE NOTICE is hereby given by the Council of the Town of Elk Point that, unless a petition of the electors for a vote on By-Law 763/17 demanded, as provided for by the terms of Section 258(i) and 261 of the Municipal Government Act, the said Council may pass the said borrowing By-Law.
All persons interested are hereby notified accordingly.
Copies of the proposed Bylaw’s and related documents may be obtained from:
Town of Elk Point
Box 448 Elk Point, AB T0A 1A0
DATED at the Town of Elk Point, in the Province of Alberta, this 5th day of July, 2017.