The Town and Municipal District of Bonnyville have each gone through first readings on a Borrowing Bylaw that would see the municipalities backing the Bonnyville Jr. A Pontiacs loan request. The Pontiacs are seeking a loan, through a financial institution for $150,000.
Director of Business Operations, for the Pontiacs, Robb Hunter explains, “the loan is to help clear up some old debt and put the Pontiacs in a more financially stable position.”
As Hunter explains, the bank wanted to see the support of the Town & the MD before making a decision on the loan.
“It’s never a good situation to be carrying too much debt. It’s something that we’ve been carrying for a few years. But now, it’s a matter of making sure our debt and revenue are in check to make sure we are in line for the future.”
Hunter explains the team isn’t in danger of folding. “We need lots of people to come on out, buy a ticket and enjoy some local hockey. Realize how important it is to have a junior A hockey club in our town.”
The upcoming World Jr. A Challenge Tournament in December will be a financial boost to the club, confirms Hunter.
“The World Jr. A Challenge, in 2016, helped raised money for Bonnyville Minor Hockey, the Senior Pontiacs, and the Jr. A Pontiacs. Really, all levels of hockey benefit. We believe that this World Jr. A Challenge is going to be a big way the club will be able to pay off their debt. It’ll be a big fundraiser for the team.”
The Town of Bonnyville has released the following notice in regards to the Borrowing Bylaw:
PUBLIC NOTICE TO ELECTORS OF THE TOWN OF BONNYVILLE, PROVINCE OF ALBERTA
SECTION 266 – THE MUNICIPAL GOVERNMENT ACT
TAKE NOTICE that the Council of the Town of Bonnyville, in the Province of Alberta, has given first reading to Loan Guarantee Bylaw No. 1471-18 which will, upon final passage and approval, authorize the proper officers of the said Town of Bonnyville to guarantee the repayment of a loan from the Lakeland Credit Union to the Bonnyville & District Sports & Recreation Society for the purpose of supporting business operating expenditures of the Bonnyville Junior “A” Pontiacs Hockey Club within the limits of the said municipality.
The net amount to be guaranteed on the credit and security of the municipality at large by way of the Loan Guarantee Bylaw No. 1471-18 is not to exceed the sum of $150,000.00. The authorized loan to be repayable to the Lakeland Credit Union in semi-annual installments of interest and principle, the annual interest not to exceed prime rate or ten percent (10.00%), as fixed from time to time by the Lakeland Credit Union;
NOW THEREFORE NOTICE is hereby given by the Council of the Town of Bonnyville that, unless a petition of the electors for a vote on Bylaw 1471-18 is demanded, as provided for by the terms of Section 231 of the Municipal Government Act, the said Council may pass the said borrowing by-law.
All persons interested are hereby notified and they are required to govern themselves accordingly.
DATED at the Town of Bonnyville, in the Province of Alberta, this 9th day of May, 2018. Mark Power
Chief Administrative Officer
Town of Bonnyville
INFORMATION FOR ELECTORS
Pursuant to Section 1(i) of the Municipal Government Act an “elector” means:
A person who is eligible to vote in the election of councillor under the Local Authorities Election Act.
Pursuant to Section 47(1) of the Local Authorities Election Act a person is eligible to vote in an election if he:
- is at least 18 years old,
- is a Canadian citizen, and
- has resided in Alberta for the 6 consecutive months immediately preceding election day and is a resident in the area on election
A poll may be demanded in the Town of Bonnyville by electors equal in number to at least in the case of a municipality other than a summer village, by electors of the municipality equal in number to at least 10% of the population and in accordance with the provisions of section 223 of the Municipal Government Act and in accordance with the provisions of section 266 of the Municipal Government Act.
The petition for a vote must be received by the Chief Administration 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 of the petition”. (Further requirements of the petition are provided in section 224 of the Municipal Government Act.)
DATE of the last publication of this notice is the 22nd day of May 2018.