3391 To authorize the Issuance of Debt.THE CCRPCRATICK OF THE TOM OF TILLS -
BY-LAW NO. 3391
A BY-LAW to authorize the Issuance of Debt.
Wh AS 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 for or
in relation tr_-> the debt;
AND WHEREAS the Council of the Corporation of the Town of Tillsonburg
has authorized the purposes (individually a "Projectff collectively
the "Projects as set out in Schedule "A" attached thereto and
desires to i.ssue debt for the Projects in the respective amounts
specified in SIc'---hedule "A;
AND WHEREASbefore authorizing each Project and before
authorizing any additional cost amounts and any additional
debt author --"-ties 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 Municipa-1- Affairs and Housing in accordance with Ontario
Regulation 4`3/02, and determined that the estimated annual amount
payable in respect of the Projects and the issuance of additional
debentures would riot cause the Corporation to exceed the updated
limit;
AND WHEREAS it is expected that the approved project grants
and permanent financing through either Infrastructure Ontario
or other financial institution will not occur until 2010;
BE IT THEREFORE EXACTED by the Council of the Corporation of
the Town of Tillsonburg as follows:
1. THAT cer1-_--a:L'Ti works as set out in Schedule "A" hereto
attached ar-e hereby authorized up to a maximum cost of
$155 11 -If 61" 1 3. (M.
2. THAT Sched'u'Le "A" attached hereto is hereby declared to be a
part of thi,":) By -Law as if written and incorporated herein.
3. THAT the Corporation of the Town of Tillsonburg issue a
short-term float rate loan for the works to be eventually
-f:, _* Infrastructure
fInanced through approved project grants and
Ontario or other financial institution for an amount not
exceeding $5 117,613.00 and shall be made payable on demand
IT,
ata _ the interest rate prevailing throughout the term of the
i( --)an .
4. THAT the Treasurer may arrange with any bank for
temporary advances of money to meet
the costs of the
wl---.)rk pending the completion of it.
5. THAT t h el' E---,.,. shall be raised in each
year in which an
in.stal-Iment- comes due by a rate on all
rateable property
in the T,.---)wn of Tillsonburg a specific
amount sufficient
pay t' e said installment when and as
it becomes due,
b�It no greater rate shall be levied in
any year for such
pi-Irposes, is required to pay the
installment. Such
amount may be reduced by receipts from other sources in
respect 4t,. -o the said works.
6. 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 3391 this 23'd day of November, 2009.
Mayor
Clerk i V
Q