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Old Posted Aug 24, 2015, 6:48 PM
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Coldrsx Coldrsx is offline
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Join Date: Dec 2003
Location: Edmonton
Posts: 56,750
BYLAW 17256
A Bylaw to authorize the City of Edmonton to
finance the Francis Winspear Centre for Music
Construction Project.
The Council of the City of Edmonton has decided to issue a bylaw pursuant to Section 251 and 258 of the Municipal Government Act, R.S.A. 2000 c. M-26 to authorize the City of Edmonton to provide financing towards the Francis Winspear Centre for Music capital construction parking structure project, the said (“Project”);
The City of Edmonton financing to be provided to the said Project will not exceed $25,000,000.00;
There are no grants or contributions to be received or applied to the City financing for the said Project;
In order to provide financing for the construction of the said Project, it will be necessary for the City of Edmonton to borrow the sum not exceeding $25,000,000.00 for the terms and conditions referred to in this Bylaw;
The City of Edmonton will repay the indebtedness over a period of up to and including thirty (30) years in semi-annual instalments, with interest not exceeding nine per cent (9%), per annum;
Bylaw 17256 Page 2 of 4
The amount of the existing debenture debt of the City of Edmonton at December 31, 2014 is $2,823,109,257.40, as calculated in accordance with the Debt Limit Regulation, A.R. 255/2000, as amended, no part of which is in arrears;
The probable lifetime of the said Project is a minimum of thirty (30) years;
"The destructive effects of automobiles are much less a cause than a symptom of our incompetence at city building" - Jane Jacobs 1961ish

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