3073 To authorize the Issuance of DebenturesTHE CORPORATION OF THE TOWN OF T
BY-LAW NO. 3073
A BY-LAW to authorize the Issuance of Debentures.
WHEREAS the Municipal Act, 2001 Section 401 (1) provides that subject
to this or any other Act, a municipality may incur a debt for
municipal purposes, whether by borrowing money or in any other way,
and may issue debentures and prescribed financial instruments and
enter prescribed financial agreements for or in relation to the debt;
AM the Council of the Corporation of the Town of Tillsonburg
has authorized the purposes (individually a "Project", collectively
the "Projects") as set out in Schedule "A" attached thereto and
desires to issue debentures for the Projects in the respective amounts
specified in Schedule "A";
AND WHEREAS before authorizing each Project and before
authorizing any additional cost amounts and any additional
debenture authorities in respect thereof, the Treasurer of
the Corporation of the Town of Tillsonburg updated its most
recent annual debt and financial obligation received from the
Ministry of Municipal Affairs and Housing in accordance with
Ontario Regulation 403/02, and determined that the estimated annual
amount payable in respect of the Projects and the issuance of
additional debentures would not cause the Corporation to exceed the
updated limit;
BE IT THEREFORE ENACTED by the Council of the Corporation of
the Town of Tillsonburg as follows:
1. THAT certain works as set out in Schedule "A" hereto
attached are hereby authorized up to a maximum cost of
$7, 375r823.00.
2. THAT Schedule "A" attached hereto is hereby declared to be a
part of this By -Law as if written and incorporated herein.
3. THAT the Corporation of the Town of Tillsonburg hereby
requests the County of Oxford to issue debentures for the
said works, the amount of debentures to be issued to be for
an amount not exceeding $7,375,823.00 and such debenture
shall be made payable over a term of up to fifteen years from
the date of the debenture on the installment plan and shall
bear interest at the rate prevailing at the time the debenture
is sold by the County of Oxford.
4. THAT the Treasurer may agree and arrange with any bank,
person or the County of Oxford for temporary advances of
money to meet the costs of the work pending the
completion of it.
5. THAT there shall be raised in each year in which an
installment comes due by a rate on all rateable property
in the Town of Tillsonburg a specific amount sufficient
to pay the said installment when and as it becomes due,
but no greater rate shall be levied in any year for such
purposes, than is required to pay the installment. Such
amount may be reduced by receipts from other sources in
respect to the said works.
6. THAT By -Law No.2585 is hereby repealed being a By -Law to
authorize the borrowing of debentures to finance a
Police Office.
7. THIS By -Law shall come into full force and effect on the date
of enactment..
Read a first, second and third time, passed, signed, sealed and
Numbered 3073 this 25th day of September 2003.
v
Mayor
Clerk
THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NO.
SC :)ULF. "Alf
Project Description
Police Station
Arena and Community Centre Renovations
North Broadway Infrastructure
Lorraine Avenue and Cranberry Road
Storm Drainage works
ximum Amount of
Debentures
To be issued
$1f355f000
5f122r823
650,000
Total net cost of works $7f375f823