The Municipal District of Bonnyville Council intends to adopt Bylaw No. 1841, a bylaw of the Municipal District of Bonnyville No. 87, in the Province of Alberta, to lend funds to the Bonnyville Regional Fire Authority, hereby cited as the Firehall No. 1 Renovation Loan Bylaw.
Provisions of the Municipal Government Act, R.S.A 2000, Chapter M-26, Section 264(2) state a municipality may lend money to a non-profit organization; while provisions under Chapter M-26, Section 265(1) state a municipality may only lend money to one of its controlled corporations if the loan is authorized by bylaw. The Bonnyville Regional Fire Authority (BRFA) is a municipally controlled corporation.
The BRFA wishes to renovate its firehall facility located at Plan 0622913, Block 1, Lots 1 and 2 (the “Firehall No. 1 Renovation Project”). The Council of the Municipal District of Bonnyville No. 87 deems it to be in the public interest that the money loaned will be used for a purpose that will benefit the municipality.
- Bylaw No. 1841 authorizes a loan to the BRFA for the purpose of completing the Firehall No. 1 Renovation Project in the amount of $4,500,000.
- The source of the funds to loan to the BRFA is sourced from the Cash Flow Reserve.
- The term of the loan is 20 years.
- The interest rate on the loan is 5.00% (per annum).
- The loan will be repaid by the BRFA on or before December 31, 2042 in accordance with the schedule, which can be found here.
M.D. ratepayers may make their concerns and questions known on or before April 18, 2023 via email to firstname.lastname@example.org or by addressed mail to:
Municipal District of Bonnyville
Attn: Legislative & Information Services
A draft copy of the bylaw and repayment schedule can be found here.