Coalhurst passes 2024 borrowing bylaw

Posted on December 14, 2023 by Sunny South News

By Nikki Jamieson
Sunny South News

An annual borrowing bylaw has been passed for Coalhurst.

During their regular Dec. 5 meeting, Coalhurst town council discussed a borrowing bylaw for 2024.

Bylaw 448-23 – or the 2024 Annual Borrowing Bylaw – would allow for the town to borrow funds, as needed, to meet their expenditures throughout 2024. Under the bylaw, the town would be able to borrow up to $350,000.

Under the Municipal Government Act, a municipality is permitted to borrow funds to meet current operating expenditures, provided they pass a borrowing bylaw allowing them to do so. As such, bylaws similar to this one are passed every year.

Coun. Jesse Potrie asked if they needed to list the name of the bank, ATB, in the bylaw. The town’s director of cooperate services, Mike Passey, said while it wasn’t a requirement, it was “fairly standard” to do so.

“I was looking at other budget borrowing bylaws, and they have, kind of who their accounts are with, that’s listed there,” said Passey. “In your personal life, you would sign a credit agreement. This is kind of like that, same kind of thing.”

“Instead of signing a line of credit every year, we have this bylaw every year.”

“We have no requirement to be with ATB, but because our line of credit is with ATB, that’s why their name is in the bylaw,” said Shawn Patience, CAO for the Town.

Council passed all three readings of Bylaw 448-23, or the 2024 Annual Borrowing Bylaw.