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Public Notice – General Borrowing By-law 16-0013

Posted: January 18, 2017

REGARDING GENERAL BORROWING BY-LAW 16-0013

TO PAY FOR THE WATER TREATMENT AND DISTRIBUTION SYSTEM UPGRADE PROJECTS FOR THE GIMLI URBAN CENTRE, GIMLI BUSINESS PARK, ASPEN PARK AND PELICAN BEACH 

The Council of the Rural Municipality of Gimli at its regular meeting on February 8th, 2017, commencing at 6:30 p.m., located in the Council Chambers at 62 – 2ndAvenue, Gimli will consider the following proposal to borrow $3,370,000.00 under Borrowing By-law 16-0013 to pay for:

The Water Treatment and Distribution System Upgrades in the Gimli Urban Centre, Gimli Business Park, Aspen Park and Pelican Beach

The total estimated cost of the Water Treatment and Distribution System Upgrades is $8,620,000.00 to be funded as follows:

$1,750.000.00 from the Province of Manitoba; and $3,500,000.00 from Canada Clean Water Fund

And $3,370,000.00 to be funded by borrowing

The borrowing will be repaid over 20 years at a maximum interest rate of 5.00% per year

The annual repayment amount will be no more than $270,417.51 to be levied as follows:

40% as part of the annual general municipal levy and

60% as a quarterly water utility surcharge

Copies of the proposal to borrow and information about the capital projects are available at the Municipal Office at 62 Second Avenue and on the municipal website at: www.gimli.ca

Dated at the Rural Municipality of Gimli this 10th day of January, 2017, and issued pursuant to Section 174.1(1) of The Municipal Act

Joann King, CMMA
Chief Administrative Officer
Rural Municipality of Gimli