Bylaw No. 1586-2006
Abbotsford Entertainment and Sports Centre Loan Authorization Bylaw, 2006
WHEREAS it is deemed desirable to construct an Abbotsford Entertainment and Sports Centre for the benefit of all residents of the City of Abbotsford;
AND WHEREAS the estimated total cost of constructing the facility, including incidental expenses, is $55,000,000, of which $55,000,000 is the amount of debt intended to be created by this bylaw;
AND WHEREAS the debt intended to be created by this bylaw falls within the limits prescribed by the Municipal Liabilities Regulation under the Community Charter;
AND WHEREAS the maximum term for which debentures may be issued to secure the debt created by this bylaw is 25 years;
AND WHEREAS the approval of the Inspector of Municipalities and the assent of the Electors of the City of Abbotsford were obtained;
NOW THEREFORE, the Council of the City of Abbotsford, in open meeting assembled, ENACTS AS FOLLOWS:
Citation
1 Bylaw No. 1586-2006 may be cited as "Abbotsford Entertainment and Sports Centre Loan Authorization Bylaw, 2006".
Loan authorization
2 The Council is hereby empowered and authorized to undertake and carry out, or cause to be carried out, the construction of an Entertainment and Sports Centre in the City, as more particularly specified by the Council, and as shown on plans filed in the City's offices, and to do all things necessary for the foregoing purpose and, without limiting the generality of the foregoing:
(a) to borrow upon the credit of the City of Abbotsford from any person, the sum of $55,000,000 at such times as may be required, for a period not exceeding 25 years, such amount to be allocated solely to the purpose of constructing the Entertainment and Sports Centre; and
(b) to acquire all such real property, easements, rights-of-way, licences, rights, or authorities as may be requisite or desirable for, or in connection with, the construction of the Abbotsford Entertainment and Sports Centre.
Authorizes execution of documents
3 The Mayor and Director of Administration and Corporate Planning for the City are authorized to sign, execute, affix the Corporate Seal of the City and deliver, on behalf of the City of Abbotsford, such documents as may be necessary to secure the loan authorized by and under this Bylaw.