3164 To authorize the Issuance of Debenturesoff
BY-LAW NO. 3164
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 instn rents and
enter prescribed financial agreements for or in relation to the debt;
AMID WEXEAS 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 maximum
amounts specified in Schedule "A";
AND WHEREAS before authorizing each Project and before
authorizing any additional cost amounts and any additional
debt 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
$600,000.00.
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, through
the County of Oxford, issue debentures for the said works,
the amount of debentures to be issued to be for an amount not
exceeding $600,000.00, and shall be made payable utilizing a
term loan of up to 40 years with an amortization period of up
to 40 years from the date of the issuance of the debentures and
shall bear interest at the rate prevailing at the time the
debenture is drawn down with the Ontario Strategic
Infrastructure Financing Authority.
4. THAT the Treasurer may agree and arrange with any bank,
or person 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. THIS By -Law shall come into full f orce and of f ect on the date
of enactment.
Read a first, second and third time, passed, signed, sealed and
Numbered 3164 this the 6th day of June 2005.
Clerk
THE CORPORATION OF THE TOWN OF TILLSCUBURG
BY-LAW NO. 3164
SCHEDULE 'W'
Project Description
4 Amount of Debt
To be issued
Glendale Drive - Glenridge Drive to Poplar St. $ 10,000
Quarter Townline Road - North Street to
Msgr. O'Neil 35,000
Glendale Drive - Glenridge to 60m south of
Winona Drive 160,000
Allen Street - Glendale Drive to 90m East
Of Glendale Drive 75,000
Dereham Drive - Charlotte Ave. to Denrich Ave. 20,000
Tanager Dr. & Falcon Dr. - North St. to Owl Dr.
Townline Road - Vienna Road to Cedar Street
Lisgar Ave. - Bridge Street to Elgin Street
Elgin Street- Lisgar Ave. to Queen Street
Broadway - North St. to Sobey's
20,000
100,000
85,000
20,000
75,000
Total net cost of works 6001000
�ff1 111
The Corporation of the Town of Tillsonburg
DATE: June 2, 2005
TO: The Council of the Corporation of the Town of Tillsonburg
FROM: Darrell Eddington, CA
SUBJECT: CERTIFICATE OF TREASURER
I hereby certify that I have calculated an updated debt and financial obligation limit using the most recent
financial debt and obligation limit determined by the Ministry of Municipal Affairs in accordance with the
Municipal Act, 2001 - Ontario Regulation 403/02;
That the Annual Repayment Limit for the Town of Tillsonburg effective June 2, 2005 is $1,521,424;
And that the issuance of debt for the subject works will not cause the Town of Tillsonburg to exceed its updated
debt and financial obligation limit.
Darrell Eddington, CA
Treasurer
CORPORATE OFFICE
200 Broadway, Tillsonburg, Ontario, N4G 5A7, Telephone # (519) 842-6428, Fax # (519) 842-9431
Web: www.tovvn.tillsonburg.on.ca
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