On September 13 at the Regular Council Meeting, Town Council passed the second and third readings of Borrowing Bylaw No. 470-22 Ponoka Civic Centre.
As per Section 273 of the Alberta Municipal Government Act (MGA), there is now a 30-day waiting period to allow for applications to the Court of King’s Bench to have the Bylaw declared invalid.
If no applications are made to the Court of King’s Bench during this period, the Bylaw becomes valid and a loan application may be submitted to the Province of Alberta to purchase the Ponoka Civic Centre property.
Please see the Frequently Asked Questions below:
A copy of the proposed Borrowing Bylaw 461-22 can be viewed here or at the Town Office (#200, 5604 50 Street, Ponoka) during regular office hours from 9 a.m. to 4:30 p.m. Monday to Friday, except statutory holidays.
In 2017, the Town of Ponoka entered into a lease agreement for the Ponoka Civic Centre with the intention of exercising the purchase option at a future date.
The purchase the Ponoka Civic Centre is not expected to result in any additional financial impact on the Town’s annual budget, municipal property taxes or the Town’s debt limit. The annual costs of the Town’s lease payments of $700,000, which are already included in the Town budget and debt limit, are expected to cover the long-term borrowing costs to purchase the property.
The proposed Bylaw would authorize the Town to borrow up to $10 million. That amount does not represent the purchase price of the property but acts as a pre-approval limit similar to a mortgage.
The final purchase price would be based on the average of two independent appraisals representing fair market value of the property. The appraisals and final purchase price would not include tenant improvements to the building that have been completed by the Town.
- First reading is to bring the bylaw to the table and introduce it to Town Council.
- Second reading is when Town Council can debate the bylaw, make amendments and vote on whether to proceed to third reading.
- Third reading is a final discussion during which Town Council considers any final amendments to the bylaw and votes on whether to approve it.
All bylaws must be read (only the title or identifying number is read out loud) and adopted in a meeting that is open to the public. Amendments can be made to a bylaw during the second or third readings. If a bylaw does not receive third and final reading, the bylaw is defeated and will not proceed.
According to the Municipal Government Act, every proposed bylaw must have three distinct and separate readings. The three separate readings give Town Council opportunity to carefully consider all details of the bylaw and make any necessary changes to the bylaw before it’s passed.