Public Notice - Debenture Bylaw

Public Notice - Debenture Bylaw

Posted on January 31st, 2021

On January 19th, 2021, Council passed first reading of the Multi-Use Recreational Facility Debenture Bylaw 2252.

To submit an application for a debenture, a municipality must first pass a debenture bylaw. This debenture bylaw is set at $9 million dollars over 30 years. Council and Administration are continuing to review options which could reduce that amount. $9 million is the maximum being secured through the debenture and the bylaw needs to be in place before any construction can begin.

The debenture is one component of the funding for the project. $20 million has already been secured from Federal Grant funding, and $16.5 million from Provincial Grant funding through MSI (Municipal Sustainability Initiative).

The remaining will be funded from the Town of Edson and Yellowhead County. A more detailed breakdown of the funding, as well as other project details and timelines can be found online at www.edson.ca/facility.

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Public Notice to Electors

Multi-Use Recreational Facility Debenture Bylaw

TAKE NOTICE that the Council of the Town of Edson, in the Province of Alberta, has given first reading to borrowing Bylaw No. 2252 which will, upon final passage and approval, authorize the proper offices of the Town of Edson to borrow monies from the Province of Alberta by way of debenture issue, to pay for the cost of the following municipal purpose, namely the Multi-Use Recreational Facility.

The total cost of the aforesaid project amounts to $70,000,000. After deducting from this cost the amount of $61,000,000 to be funded from Yellowhead County, the Province of Alberta, the Government of Canada, and reserves of the Town of Edson, the net amount to be borrowed on the credit and security of the municipality at large by the issue of debenture is $9,000,000. The debenture is to be repayable to the Province of Alberta in 60 equal consecutive semi-annual installments of combined principal and interest, the annual interest not to exceed six per cent, or the interest rate as fixed from time to time by the Province of Alberta.

NOW THEREFORE NOTICE is hereby given by the Council of the Town of Edson that, unless a petition of the electors for a vote on Bylaw No. 2252 is demanded, as provided for by the terms of Section 231 of the Municipal Government Act, Council may pass the said borrowing bylaw.

All person interested are hereby notified and they are required to govern themselves accordingly.

Information for Electors

Pursuant to Section 1(n) of the Municipal Government Act an “elector” means: a person who is eligible to vote in the election for a councilor 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 the person is at least 18 years old, is a Canadian citizen, and resides in Alberta and the person’s place of residence is located in the local jurisdiction on election day.

A poll may be demanded in the Town of Edson by electors of the municipality equal in number to at least 10 per cent of the population in accordance with the provisions of Section 233 of the Municipal Government Act and in accordance with the provisions of Section 231 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).

Bylaw No. 2252 can be read in full at www.edson.ca/bylaws