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PUBLIC NOTICE
RE: GENERAL BORROWING BY-LAW NO. 25-03
FOR THE CONSTRUCTION OF PHASE 1 OF A RECREATIONAL FACILITY WITHIN THE RURAL MUNICIPALITY OF SPRINGFIELD
Council of the Rural Municipality of Springfield at its regular meeting in the Council Chambers, 100 Springfield Centre Drive, Oakbank, on February 18th, 2025, at 6:30 p.m. will consider the following proposal to borrow $11,901,442.00 for the construction of Phase 1 of a Recreational Facility, including a community hall / gymnasium, multipurpose room, an indoor walking/jogging track, indoor playground, indoor turf, team rooms and community kitchen, to be located on the NW ¼ 15-11-5EPM, which land is already owned by the Rural Municipality of Springfield.
The total estimated cost of Phase 1 is $20,625,000.00. The Municipality has secured funding from the Province of Manitoba in the amount of $4,700,000.00. In addition, $4,023,558.00 is to be drawn from existing municipal reserves. The remaining $11,901,442.00 is to be funded by borrowing at large.
The borrowing will be repaid over 20 years at a maximum interest rate of 4.5% per year.
The annual repayment amount will be no more than $914,936.97, to be levied annually as part of the general municipal levy.
Copies of the proposal to borrow and information about the capital project are available at the municipal office at 100 Springfield Centre Drive, Oakbank, and on the municipal website.
Dated at the RM of Springfield this 4th day of February 2025 and issued pursuant to Section 174.1(1) of The Municipal Act.
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