TAMRMS#: B06
12.1
REQUEST FOR DECISION
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Bylaw 2/2025 Transit Garage Expansion Borrowing Bylaw (2nd & 3rd Reading)
Presented by: Brenda Barclay, Manager of Financial Operations
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RECOMMENDED MOTION(S)
recommendation
1. That Bylaw 2/2025, being a Borrowing Bylaw for Transit Garage Expansion, be read a second time.
2. That Bylaw 2/2025, be read a third and final time.
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SUMMARY
The purpose of this report is to bring forward an item from the January 21, 2025, Regular Meeting of Council.
This Bylaw received 1st reading on January 21, 2025, and is being brought forward for 2nd and 3rd reading.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On January 21, 2025, Council passed the following motion:
BL-25-003
That Bylaw 2/2025, being a borrowing bylaw for Transit Garage Expansion Bylaw, be read a first time.
BACKGROUND AND DISCUSSION
Please refer to the Agenda Report previously distributed on January 21, 2025.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
The borrowing bylaw was advertised in accordance with provisions detailed in the Municipal Government Act (MGA) as well as Council Policy C-CAO-22 Borrowing Bylaw Advertising.
The borrowing advertising timelines are listed in the Attachments.
IMPACTS OF RECOMMENDATION(S)
Please refer to the Agenda Report previously distributed on January 21, 2025.
Financial:
The City will be looking to borrow the funds from the Alberta Treasury Board for a term of up to 20 years. The actual interest rate will be based on current posted rates at the time of borrowing, and advancement of funds and the term will also be selected at that time.
It is important to note that the borrowing bylaw sets the maximum amount that may be borrowed for a project. Any project costs in excess of the approved project charter amount will require Council approval in an open meeting. Without this borrowing contingency, these approvals would require a new borrowing bylaw. An approved borrowing bylaw create...
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