TAMRMS#: H09
8.1
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Bylaw 3/2024 Millennium Park Borrowing Bylaw (2nd & 3rd Readings)
Presented by: Brenda Barclay, Manager of Financial Operations
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RECOMMENDED MOTION(S)
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1. That Bylaw 3/2024, being a Borrowing Bylaw for Millennium Park, be read a second time.
2. That Bylaw 3/2024, be read a third and final time.
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PURPOSE OF REPORT
The purpose of this report is to bring forward an item from the January 23, 2024, Regular Meeting of Council. This Bylaw received 1st reading on January 23, 2024, and is being brought forward for 2nd and 3rd reading.
BACKGROUND AND DISCUSSION
Bylaw 3/2024 received first reading on January 23, 2024. Due to March 29, 2024 being a statutory holiday, the last day of the petition period was revised from March 29, 2024 to April 2, 2024 (the next business day). See the "Revised Millenium Park Borrowing Bylaw Ad Timelines" document attached to this agenda report.
A petition in opposition to this bylaw was filed with the CAO on April 2, 2024. The petition is not sufficient as it did not have enough signatures and Council is therefore not required to take notice of it (s. 226(3), MGA). Accordingly, the Borrowing Bylaw is being presented to Council for 2nd and 3rd reading.
Please refer to the "Link to Previously Distributed (BL-24-01) Jan 23, 2024" document attached to this agenda report for further background and discussion.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
In accordance with section 251(3) of the MGA, a Borrowing Bylaw must be advertised, unless the term is five years or less (section 257), in which case advertising is not required. Therefore, Bylaw 3/2024, being the Borrowing Bylaw for Millennium Park was advertised in the local paper, with time given for the petition before the bylaw was presented for second and third reading.
Council Policy C-CAO-22 Borrowing Bylaw Advertising further stipulates that an initial advertisement of the bylaw will take place immediately after 1st reading ...
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