This ad notifies the public about the intent to
borrow, outlines what the money will be used for,
and identifies the process for public input. The
project will not start until Bylaw 25-24 has been
passed. The debentures will not be drawn until actual
expenditures warrant the need for debt funding.
Foothills Okotoks Regional Water Pipeline
Construction
To construct the raw water pipeline, pumping
station, reservoir and intake station located
in Foothills County. Total cost to complete
the project is estimated to be $55,000,000,
with grants covering $25,000,000, the total
authorization to borrow is $30,000,000.
The borrowed amount is to be repaid over a
period of up to 25 years, with annual interest
not exceeding the interest rate fixed by the
Government of Alberta, or another authorized
financial institution, on the date of borrowing,
and not to exceed eight (8%) percent. The
borrowing will have no impact on tax or utility
rates for residents of Okotoks.
How to find more information
To read a copy of proposed Bylaw 25-24,
visit okotoks.ca/bylaw-consultation or come
to the Municipal Centre from Monday to
Friday, 8:30 a.m. to 4 p.m. You can also email
[email protected].
Bylaw process
Borrowing Bylaw 25-24 received first reading on
July 15, 2024. Second and third readings of the
bylaw are scheduled to take place at the regular
Council meeting on August 19, 2024 at 3 p.m. at
the Okotoks Municipal Centre Council Chamber,
5 Elizabeth Street.
If you wish for a vote of the electors to determine
whether this bylaw should be passed, a formal
petition must be submitted. The petition must
comply with the provisions of the Municipal
Government Act, section 231, and be submitted
to the Town of Okotoks Chief Administrative
Officer no later than 4 p.m. on Thursday, August
15, 2024.
Last publication of this notice is July 31, 2024.
Ralph Ettenauer, Chief
