TAMRMS#: B06
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Bylaw 24/2017 - Borrowing Bylaw for Branch Library - 2nd and 3rd Reading
Presented by: Diane McMordie, Director, Financial Services
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RECOMMENDATION(S)
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1. That Bylaw 24/2017, being a Borrowing Bylaw to finance the construction of the Branch Library, be read a second time.
2. That Bylaw 24/2017 be read a third and final time.
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PURPOSE OF REPORT
Bylaw 24/2017 is a borrowing Bylaw to enable the City of St. Albert to secure funding for the construction of the Branch Library. This project will be funded by a $21.9 million borrowing maximum with the debt being serviced through the Municipal tax base.
COUNCIL DIRECTION
On April 18, 2017 Council made the following resolution:
(CM-17-36)
That Bylaw 24/2017 be amended to change the amount of the borrowing from 25 million dollars to 21.9 million dollars.
On April 3, 2017 Council made the following resolution:
(BL-17-026)
That Bylaw 24/2017, being a Borrowing Bylaw to finance the construction of the Branch Library, be read a first time.
On March 13, 2017 Council passed the following motions
(INC-17-014)
That the City Manager be authorized to negotiate purchase of lands for the Community Branch Library as per recommendation 1 contained within the Confidential Administrative Report entitled “St. Albert Branch Library - Proposed Location”, provided as an attachment to the March 13, 2017 Standing Committee of the Whole Agenda Report titled “Land Matter”.
That Administration report back to Council the result of negotiations by May 23, 2017.
On December 12, 2016 Council passed the following motion
(AR-16-485)
That the 2017 Municipal Operating Budget, in the amount of $148.8 million detailed in the attachment titled “2017 Municipal Operating Budget” be approved.
That the 2017 Municipal Capital Budget, in the amount of $55.2 million detailed in the attachment titled “2017 Municipal Capital Funding” be approved.
That the 2017-2019 Business Plans, provided as part of t...
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