Mountain View County Council passed a pair of bylaws at its regular meeting on Wednesday, October 9th that will facilitate loaning $3 million to Mountain View Senior Housing and borrowing $3 million from Alberta Capital Finance to fund some budgeted infrastructure projects in 2020.
Council gave second and third reading to an amended version of Bylaw 22/19 that will allow the issuance of the loan to MVSH but will now include a $30,000 administrative fee to be paid to the County when the loan agreement is completed.
The loan will be repaid over a term of 20 years. It was issued to help MVSH refinance some of their operational costs.
The related Bylaw 21/19 Capital Projects Borrowing Bylaw was also passed to allow taking a $3 million loan to complete two proposed bridge projects in 2020 for $1.3 million and $1.1 million, along with $600,000 for a road base stabilization project.
Taking a loan for the capital projects allows the County to complete the loan to MVSH without having to deplete reserves.