3184 To authorize the Issuance of Debt.THE CORPCRATICN OF THE TOM OF T
BY-LAW NO. 3184
A BY-LAW to authorize the Issuance of Debt.
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;
AND WHEREAS 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 debt for the Projects in the respective amounts
specified in Schedule "A", in cooperation with the Upper -tier
Municipality;
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;
AND WHEREAS the Upper -tier Municipality, being the County of
Oxford, is authorized to pass a by-law on the lower -tier
municipality's behalf for the issuance of debt and said by-
law will be passed after the adoption of this by-law.
AND WHEREAS the Council of the Corporation of the Town of
Tillsonburg has previously authorized the issuance of
debentures for financing of projects under By -Law no. 3166
for a maximum value of $490,000 and By -Law no. 3179 for a
maximum value of $1,770,000 through the Ontario Strategic
Infrastructure Financing (OSIFA);
AND WHEREAS it is expected that the financing through the
OSIFA will not occur until 2006;
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
$421,200.00.
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 issue debt
through cooperation with the Upper -tier Municipality for the
said works, the amount of debt to be issued to be for an
amount not exceeding $421,200.00 and shall be made payable
utilizing either a floating rate term loan of 10 years with an
amortization period of fifteen years or made payable utilizing
a term loan of 10 years with an amortization period of fifteen
years from the date of the issuance of the debt and shall bear
interest at the rate prevailing at the time the debt is drawn
down.
4. THAT the Corporation of the Town of Tillsonburg issue a
short-term, float rate construction loan for the works to
be eventually financed through the OSIFA for an amount not
exceeding $1,650,000.00 and shall be made payable on demand
at the interest rate prevailing at the time the debt is drawn
down.
5. 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.
6. 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.
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 3184 this 14th day of November 2005.
Mayor - S�� l�'�c�r�c4/'
Clerk S
THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NO. 3184
SCHEDULE "A"
Project Description
Arena Ice Resurfacer
Tillsonburg Special Events roof valley
repairs
Customer Service roof replacement
Public Works garage study
Quarter Town Line Road sidewalks
Broadway Street sidewalk
Arena HVAC
Public golf course land
Canadian Tire
Max* Amount of Debt
To be issued
7, 000
19, 000
93, 000
5, 000
33f750
59, 000
16, 450
28, 000
160f000
Total net cost of works 421,200