Bylaw 2024-07: Goldfinch Raw Water Line Borrowing Bylaw – Notice to the Public
SECTION 258 – THE MUNICIPAL GOVERNMENT ACT
TAKE NOTICE that the Council of Wheatland County, in the Province of Alberta, has given first reading to Borrowing Bylaw 2024-07 which will, upon final passage and approval, authorize the proper officers of Wheatland County to borrow $7.75 million for a period not to exceed twenty (20) years, from the Province of Alberta or another authorized financial institution, by issuance of debentures and on the terms and conditions referred to in this bylaw, to construct a raw water line from wells diverting water from the Bow River to the Goldfinch Area Structure Plan (ASP). This project will improve water infrastructure and support future development in the Goldfinch area. Wheatland County shall repay the indebtedness according to the repayment structure in effect, namely semi-annual or annual payments of combined principal and interest installments not to exceed TWENTY (20) years calculated at a rate not exceeding the interest rate of 6.0%. There shall be levied and raised in each year of the debenture, hereby authorized, levies or fees towards users of the Goldfinch Raw Water Line to pay the principal and interest falling due each year. In the event of any deficiency, the Municipality shall levy and raise municipal taxes sufficient to pay the indebtedness.
NOW THEREFORE NOTICE is hereby given by Wheatland County Council that, unless a petition of the electors for a vote on Bylaw No 2024-07 known as the Goldfinch Raw Water Line Borrowing Bylaw is demanded as set out in the Municipal Government Act, RSA, 2000, Chapter M-26 and amendments thereto, Council may pass the said Borrowing Bylaw. All persons interested are hereby notified and are required to govern themselves accordingly.
Dated at Wheatland County, in the Province of Alberta, December 20, 2024.
Wheatland County, per: Brian Henderson, Chief Administrative Officer.
View the December 17, 2024, Council report
Key Details:
• Total Project Cost: $9.75 million
• $7.75M through a 20-year debenture loan
• $2M from developer/industry contributions
• Loan Term: Up to 20 years, interest rate not exceeding 6%
• Repayment: Funded through user fees for the water line. Any shortfall will be covered by municipal taxes.
Petition Instructions:
Petitions for or against this bylaw can be submitted in writing by mail to the County office (address here) or through email to admin@wheatlandcounty.ca including your name, address and comment regarding your position to the bylaw. The subject must reference the bylaw number “Bylaw 2024-07.”
Notice of Public Hearing:
A public hearing will be scheduled for February 4, 2025, and will be published according to the MGA. Petitions submitted by email or letter, as well as any comments related to the public hearing, will be included in the public hearing package.