Proposed Bylaw 025-23 – 1548974 Alberta Ltd. Loan Bylaw
Pursuant of the provisions of Section 265(3) and 606 of the Municipal Government Act, Chapter M-26 of the Revised Statutes of Alberta, 2000, and amendments thereto, the Council of the City of Chestermere is considering Bylaw 025-23. This bylaw will be advertised for two consecutive weeks then will return to Council to receive second and third reading.
Bylaw 025-23 proposes that the City of Chestermere will loan 1538974 Alberta Ltd. the initial principal amount of $930,000.00. 1538974 Alberta Ltd. will be charged an annual interest rate of 0%. The period of the loan will commence on January 23, 2024 and expire of December 31, 2024. The source of funding of this loan will come from City of Chestermere Municipal Stabilization RSA account. The Bylaw’s intended purpose is to provide 1538974 Alberta Ltd. with appropriate funds to satisfy legal obligations and thus reducing the overall liability the City faces.