The Town of Nanton is aiming to borrow money to complete some upgrades.
They recently did a first reading of a new bylaw that would allow the town to borrow money to complete critical upgrades to their sludge handling system that at their wastewater treatment plant.
Upon the final passage and approval of the bylaw, Bylaw 1401 allows the Town to borrow $581,900 to complete those upgrades.
This money will be borrowed from either the Alberta Capital Finance Authority or a different authorized financial institution, and the loan would have semi-annual installments of both the principal and interest, with the semi-annual interest rate not exceeding 6 per cent or the fixed interest rate set by the Alberta Capital Finance Authority.
The total maximum cost of the upgrade project will be $3,026,000.
In a Facebook post about this bylaw, the Town states that these enhancements "are expected to significantly reduce the costs associated with hauling waste," and will end up benefiting the Town's residents.
Now that the first reading is complete, the Town is letting people know that if they don't receive a petition from residents for a vote on Bylaw 1401/24, as provided under the Municipal Government Act, Nanton Town Council may pass this bylaw.
Petitions must be received by 4:00 p.m. on November 21, 2024.
A copy of the proposed bylaw may be obtained from the Nanton Town office between 8:30 a.m. and 4:00 p.m., Monday to Friday.
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