Bylaw No. 3211-2021
Loan Authorization Bylaw (Abbotsford Police Department Headquarters Expansion), 2021
| Contents | ||
|---|---|---|
| 1 Interpretation | ||
| 2 Loan authorization | ||
WHEREAS it is deemed desirable and expedient to undertake a renovation and expansion of the Abbotsford Police Department Headquarters building, for the benefit of all residents of the City of Abbotsford;
AND WHEREAS the estimated total cost of completing the renovation and expansion of the facility, including incidental expenses, is $76,000,000, of which $36,000,000 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 20 years;
AND WHEREAS the approval of the Inspector of Municipalities were obtained;
NOW THEREFORE, the Council of the City of Abbotsford, in open meeting assembled, enacts as follows:
Loan authorization
2 The council is hereby empowered and authorized to undertake and carry out, or cause to be carried out, the renovation and expansion of the Police Department Headquarters, in the City, as generally described in Report No. COR 028-2021, 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, the sum of $36,000,000 at such times as may be required, for a period not exceeding 20 years, such amount to be allocated solely to the purpose of renovating and expanding the Abbotsford Police Department Headquarters, 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 renovating and expanding the Abbotsford Police Department Headquarters.