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Lloydminster, AB/SK – Lloydminster's City Council has given first reading to borrowing Bylaw No. 03-2022 which will, upon final passage and approval, authorize the City of Lloydminster to borrow monies from the Province of Alberta or another authorized financial institution by way of debenture issue. The borrowed money will be used to pay for the cost of construction for the Multiuse Recreational and Event Facilities project within the the City of Lloydminster.
The total cost of the aforesaid project amounts to $86,216,141. After deducting from this cost, the amount of $53,216,141 is to be received by way of grants/revenue funds. The net amount to be borrowed on the credit and security of the municipality, by the issue of debentures, is $33,000,000. The debentures are to be repayable in installments of principal and interest over a term not to exceed 30 years at a rate of interest fixed from time to time by the Province of Alberta or another authorized financial institution, not to exceed 10 per cent.
Notice is given by Council that, unless a petition of the owners for a vote on Bylaw No. 03-2022 is demanded, as provided for by the terms of Section 172 of the Lloydminster Charter, Council may pass the said borrowing bylaw.
All persons interested are required to govern themselves accordingly.
Information for Electors
Pursuant to Section 1(s) of the Lloydminster Charter an "elector" means: for the purposes of election of members of Council, for votes on bylaws and for votes on questions, means a person who, on the day of the election:
- is a Canadian citizen,
- is of the full age of 18 years,
- has either
- resided in the City or on land now in the City for at least 3 months immediately preceding the day of the election,
- or is the owner of assessable land situated in the City or of land now situated in the City for at least 3 months immediately preceding the day of the elections; and
- has resided in Alberta or Saskatchewan for at least 6 months immediately preceding the day of the election.
A poll may be demanded in the City of Lloydminster by electors equal in number to at least 10% of the population.
In accordance with the provisions of Section 163 of the Lloydminster Charter and in accordance with the provisions of Section 194 and 201 of the Lloydminster Charter. The petition for a vote must be received by the Clerk within 15 days of the last publication of the notice (July 28, 2022) and shall contain on each page “an accurate and identical statement of the purpose of the petition”. Further requirements of the petition are provided in Section 164 of the Lloydminster Charter.
Attachment
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