The Town of Eckville’s Water Pump House and Reservoir is set to receive upgrades after three decades if the new Borrowing Bylaw is passed.
The bylaw was presented to council at the regular meeting on May 11 where it received the first of three readings.
A notice containing information about the bylaw has been released for the public for review before it is passed, said Jack Ramsden, Chief Administrative Officer of the Town of Eckville.
“People have the opportunity to object to a borrowing bylaw,” explained Ramsden, “but quite frankly most of the project will be grant money.”
The bylaw in the council package shows a Provincial Investing in Canada Infrastructure (ICP) Grant worth $240,553 and a Federal Investing in Canada Infrastructure (ICP) Grant for $288,692.
The total cost of the project is estimated to be $821,73 and in order to complete the project a sum of $292,468 will need to be borrowed.
The debentures are payable to the Alberta Capital Finance Authority, or other financial institution, over a period of 25 years in equal consecutive annual, semi-annual or monthly instalments of combined principal and interest.
The annual interest is not to exceed 10 per cent as fixed by the Alberta Capital Finance Authority.
“Because it’s a long-term asset like the water plant we are going on a long-term borrowing for part of the cost,” Ramsden said. “That was as we pay the loan off then the people who are enjoying the water get to help pay for it.”
If no one objects the bylaw and petitions for a vote council is able to pass the bylaw.
Notices concerning bylaws can be found at the Town’s Facebook page.
On Monday night council also discussed the progress of the Solar Street Lights Project on Main Street.
Construction for the light posts is underway and if all goes well the hope is to have the street lights up with everything completed, including some curb repair, by early to mid-June.
A motion was also made to repair the town siren with council voting to allow around $1,500 be spent on installing a new siren and timer.
It will continue to sound at noon and 9 p.m. each day.