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RFD- 3291 Bylaws   Item #   9. e.    
Regular Council Meeting Agenda
Meeting Date: 04/23/2018  
Title:    C-1037-18 - Second and Third Reading - Printer Lease Borrowing Bylaw - Goodwin
Department: Corporate Services  
Strategic Vision Element: Where People Choose to Live - A dynamic city with an exceptional quality of life Related Goal:

Information
Request for Decision Summary
This report provides information regarding the City's borrowing commitment for printer leases in an amount not to exceed $300,000.

Proposed Motion
That second reading be given to Bylaw C-1037-18 - Printer Lease Borrowing Bylaw.

That third reading be given to Bylaw C-1037-18 - Printer Lease Borrowing Bylaw.
Background/Analysis
Bylaw C-1037-18 is intended to recognize the City's commitment to a lease for printers.  Under Generally Accepted Accounting Principles (GAAP), the lease being contemplated is a capital lease as the value of lease payments is very close to the full value of the equipment being leased.  Entering into a capital lease is interpreted as legally committing the organization similar to a debt commitment.  Debt that is entered into for period of more than five years, requires an advertised borrowing bylaw.  In summary although the City is not actually borrowing money, the lease action is deemed a commitment and considered borrowing by way of that commitment.

Bylaw C-1037-18 received first reading on March 26, 2018.  The bylaw was advertised in the Grove Examiner two times: on March 29, 2018 and April 6, 2018.  A fifteen day petition period has passed effective April 21, 2018 and no petitions have been received.  It is proposed that second and third reading be given to enable the bylaw to come into effect and therefore become valid 30 days following that date if no application has been made to the court to declare the bylaw invalid.
Options/Alternatives
n/a
Consultation/Engagement
All advertising and public consultation on the borrowing bylaw has complied with the Municipal Government Act and its regulations.  The remaining key dates pertaining to this borrowing bylaw are as follows:

April 23, 2018 - Second and third reading of Bylaw C-1037-18
April 24, 2018 - Bylaw is signed and comes into effect.
May 24, 2018 - Borrowing bylaw is valid if no application is made to the court to have the bylaw declared invalid.
Implementation/Communication
Impacts
Attachments
C-1037-18 - Printer Lease Borrowing Bylaw

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