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APPROVE,
AS AMENDED, Moved by Councillor Chabot, that the Administration
Recommendations contained in Revised Pages 1 and 2 of Report PFC2014-0844,
be approved, as amended, as follows:
That the Priorities and Finance Committee:
1. Direct
Administration to prepare the following bylaws for East and West Keystone
according to the terms outlined and attach them to this report prior to going
to the 2014 November 17 Regular Meeting of Council:
a. Borrowing Bylaw
12B2014 for the interim debt required to a maximum amount of $25.8 million in
self-supported debt for East Keystone;
b. Borrowing Bylaw
13B2014 for the long-term debt required to a maximum amount of $25.8 million
in self-supported debt for East Keystone;
c. Borrowing Bylaw
14B2014 for the interim debt required to a maximum amount of
$10.5 million
in self-supported debt for West Keystone;
d. Borrowing Bylaw
15B2014 for the long-term debt required to a maximum amount of
$10.5 million
in self-supported debt for West Keystone;
e. Borrowing Bylaw
16B2014 for the interim debt required to a maximum amount of $6.7
million in
self-supported debt for East and West Keystone combined;
f. Borrowing
Bylaw 17B2014 for the long-term debt required to a maximum amount of
$6.7 million
in self-supported for East and West Keystone combined.
2. Recommend
that Council:
a. Approve capital
budget appropriations for 2015 in programs 895-000 (Collection Network)
of $15.4 million, and 897-000 (Drainage Facilities & Network) of $10.4 million
for East Keystone funded by self supported debt;
b. Approve capital
budget appropriations for 2015 in programs 895-000 (Collection Network)
of $8.8 million, and 897-000 (Drainage Facilities & Network) of $1.7
million for
West Keystone funded by self supported debt;
c. Approve capital
budget appropriations for 2015 in program 892-000 (Water Distribution Network)
of $6.7 million for both East and West Keystone funded by
self supported
debt;
d.
Approve exceeding the drainage debt servicing limit of 40 percent of
revenues from 2014 – 2024 to a maximum of 53 percent for the sole purpose of
entering into Construction and Financing Agreements associated with the East
and West Keystone Financing and Funding Proposals;
e.
Direct Administration to finalize and execute the Construction and Financing
Agreements associated with the East and West Keystone Financing and Funding Proposals
only if provisions for the payment of incremental operating costs by
the developers are included in the agreements;
f.
Give first reading to the proposed Bylaw 12B2014, Bylaw 13B2014, Bylaw
14B2014, Bylaw 15B2014, Bylaw 16B2014 and Bylaw 17B2014 for interim and
long-term debt for East and West Keystone and withhold second and third
reading pending the execution of the Construction and Financing
Agreements associated with the East and West Keystone Financing and
Funding Proposals.
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