Notice of Borrowing Bylaw 09.22Posted on Jun. 22 2022
TAKE NOTICE that the Council of the Town of Drumheller, in the Province of Alberta, has given first reading to borrowing Bylaw No. 09.22 which will, upon final passage and approval, authorize the proper officers of the said Town to borrow monies from the Alberta Treasury Board and Finance or another authorized financial institution by way of debentures or bank loan, to pay for the enhancement and construction of berms in the Town of Drumheller for flood mitigation.
The total cost of the aforesaid project amounts to $55,000,000. After deducting from this cost, the amount of $50,000,000 to be received by way of grants, and the net amount to be borrowed on the credit and security of the municipality at large by the issue of debentures is $5,000,000.
The debentures, or bank loan, is repayable either in monthly, semi-annual or annual payments of combined principal and interest installments not to exceed thirty (30) years calculated at a rate not exceeding the interest rate fixed by the authorized financial institution on the date of the borrowing, and not to exceed seven percent (7%).
NOW THEREFORE NOTICE is hereby given by the Council of the Town of Drumheller that, unless a petition of the electors for a vote on Bylaw No. 09.22 is demanded, as provided for by the terms of Section 231 of the Municipal Government Act, the said Council may pass the said borrowing bylaw.
All persons interested are hereby notified and they are required to govern themselves accordingly. Copy of this bylaw can be obtained from Town Hall at 224 Centre Street Drumheller, Alberta.
DATED at the Town of Drumheller in the Province of Alberta, this 22nd day of June, 2022.
Town of Drumheller
PER Mauricio Reyes, CPA, CMA, CAMP
Director of Corporate & Community Services
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 for a 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 resident in the area on election
A poll may be demanded in the Town of Drumheller 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 the case of a summer village, by 10% of the electors of the summer village
in accordance with the provisions of section 223 of the Municipal Government Act and in accordance with the provisions of section 251 of the Municipal Government Act.
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 of the petition”. (Further requirements of the petition are provided in section 224 of the Municipal Government Act.)
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