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Preamble:
WHEREAS the Alberta Municipal Financing Corporation (AMFC) is the primary source of financing for municipal projects;AND WHEREAS many municipalities are burdened with significant debt with high interest rates and AMFC prepayment policy does not allow refinancing or early payment of this debt without significant penalties;AND WHEREAS the present AMFC prepayment policy only allows limited prepayment with penalties;AND WHEREAS the Provincial Government has provided funding to School Boards and Health Authorities to eliminate debt and deficits;AND WHEREAS municipalities should be provided with the same benefit;
Operative Clause:
THEREFORE BE IT RESOLVED that the Alberta Association of Municipal Districts and Counties urge the Provincial Government and the Alberta Municipal Financing Corporation to provide municipalities with an option of refinancing or prepaying high interest debt, without penalty, to allow municipalities to reduce their debt burden and debt servicing cost.
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