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PUBLIC NOTICE TO OWNERS OF THE TOWN OF SLAVE LAKE, PROVINCE OF ALBERTA -- SECTION 251 - THE MUNICIPAL GOVERNMENT ACT
TAKE NOTICE that the Council of the Town of Slave Lake, in the Province of Alberta, has given first reading to borrowing By-law No. 21-2020 which will, upon final passage and approval, authorize the proper officers of the said Town to borrow monies from the Federation of Canadian Municipalities and Alberta Capital Finance Authority by way of debenture issue, to pay for the cost of the following municipal purpose, namely the Sewage Lagoon Upgrade Project within the limits of the said municipality;
The total cost of the aforesaid project amounts to $ 14,300,000. After deducting from this cost the amount of $ 7,007,000 to be received by way of provincial and federal grants, the net amount to be borrowed on the credit and security of the municipality at large by the issue of debentures is $7,293,000. The debentures are to be repayable to the Federation of Canadian Municipalities and Alberta Capital Finance Authority in Sixty (40) equal consecutive semi-annual instalments of combined principal and interest, the semi-annual interest not to exceed Five per centum (4.0%), or the interest rate as fixed from time to time by the Alberta Capital Finance Authority;
NOW THEREFORE NOTICE is hereby given by the Council of the Town of Slave Lake that, unless a petition of the owners for a vote on By-law No. 21-2020 is demanded, as provided for by the terms of Section 231 of the Municipal Government Act, the said Council may pass the said borrowing by-law.
All persons interested are hereby notified and they are required to govern themselves accordingly.
DATED at the Council Chamber, Government Centre of Slave Lake, in the Province of Alberta, this 4th day of August, 2020.