Bylaw 264

Borrowing Bylaw 264

Following is a true and full copy of Borrowing Bylaw 264

NORTH SALT SPRING WATERWORKS DISTRICT

CAPITAL PROJECT – ST. MARY TREATMENT PLANT
BORROWING BYLAW NO. 264

A bylaw to borrow the sum of $8.4 million dollars on the credit of the North Salt Spring Waterworks District (the District).

Whereas it is deemed desirable to undertake debt up to the amount $8.4 million in order to finance the construction costs, equipment costs, infrastructure upgrades, commissioning and other associated project costs as detailed in the preliminary and detailed design for the new dissolved air treatment plant facility at 381 Tripp Road:

The Trustees of the North Salt Spring Waterworks District enact as follows:

  1. It shall be lawful for the District to borrow the sum of up to 8.4 million dollars ($8,400,000) or any smaller sum from the Royal Bank of Canada in order to finance the construction costs, equipment costs, infrastructure upgrades, commissioning and other associated project costs of a new water treatment plant on the District’s property at 381 Tripp Road, Salt Spring Island and to pledge the toll collecting and taxing powers of the District for the repayment of the said sum.
  2. It shall be lawful for the Trustees to issue promissory notes obligating the District to repay the sum so borrowed and to pay interest thereon at the prime rate per annum in effect, plus no more than 3% thereon.
  3. The maximum term for which this sum can be borrowed is 26 years.
  4. This bylaw may be cited as the “St. Mary Treatment Plant Borrowing Bylaw”.

Introduced and given first reading by the Trustees on the 24th day of February, 2015.

Reconsidered and finally passed by the Trustees on the ____ day of ____, 2015.   NOTE: THIS DOCUMENT WILL NOT BE PASSED AND SIGNED AND FORWARDED TO THE MINISTRY FOR APPROVAL UNTIL RATEPAYER APPROVAL IS RECEIVED AND THE TRUSTEES THEN GIVE IT A SECOND AND FINAL READING.

______________________
Chair of the Trustees

I hereby certify that this is a true copy of Bylaw No. 264
 

______________________
Officer

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