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2020-071
THE CORPORATION OF THE TOWN OF TILLSONBURG BY-LAW 2020-071 A BY-LAW to authorize the submission of an application to Ontario Infrastructure and Lands Corporation (“OILC”) for financing certain ongoing capital work(s) of the Corporation of the Town of Tillsonburg (the “Lower-Tier Municipality”); to authorize temporary borrowing from OILC to meet expenditures in connection with such capital work(s); and to authorize long-term borrowing for such capital work(s) through the issue of debentures by the County of Oxford (the “Upper- Tier Municipality”) to OILC. WHEREAS the Municipal Act, 2001 (Ontario), as amended, (the “Act”) provides that a municipal power shall be exercised by by-law unless the municipality is specifically authorized to do otherwise; AND WHEREAS the Council of the Lower-tier Municipality has passed the by-law(s) enumerated in column (1) of Schedule “A” attached hereto and forming part of this By- law (“Schedule “A”) authorizing the capital work(s) described in column (2) of Schedule “A” (the “Capital Work(s)”) in the amount of the respective estimated expenditure set out in column (3) of Schedule “A”, subject in each case to approval by OILC of the financing for such Capital Work(s) requested by the Lower-tier Municipality in the Application as hereinafter defined; AND WHEREAS before the Council of the Lower-tier Municipality approved the Capital Work(s) in accordance with section 4 of Ontario Regulation 403/02 (the “Regulation”), the Council of the Lower-tier Municipality had its Treasurer calculate an updated limit in respect of its then most recent annual debt and financial obligation limit received from the Ministry of Municipal Affairs and Housing (as so updated, the “Updated Limit”), and, on the basis of the authorized estimated expenditure for the Capital Work or each Capital Work, as the case may be, as set out in column (3) of Schedule “A” (the “Authorized Expenditure” for any such Capital Work), the Treasurer calculated the estimated annual amount payable in respect of the Capital Work or each Capital Work, as the case may be, and determined that the estimated annual amount payable in respect of the Capital Work or each Capital Work, as the case may be, did not cause the Lower-tier Municipality to exceed the Updated Limit, and accordingly the approval of the Local Planning Appeal Tribunal pursuant to the Regulation, was not required before any such Capital Work was authorized by the Council of the Lower tier Municipality; AND WHEREAS subsection 405(1) of the Act provides, amongst other things, that a municipality may authorize temporary borrowing to meet expenditures made in connection with a work to be financed in whole or in part by the issue of debentures if, By-Law 2020-071 Page 2 of 24 the municipality is a lower-tier municipality in a regional municipality and it has approved the work and the upper-tier municipality has approved the issue of debentures for the work; AND WHEREAS subsection 401(1) of the Act provides that 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 subsection 401(3) of the Act provides that a lower-tier municipality in a regional municipality does not have the power to issue debentures and accordingly the Lower-tier Municipality intends that the Upper-tier Municipality will issue debentures in respect of the Capital Work(s) and will request that the Upper-tier Municipality do so; AND WHEREAS subsection 403(1) of the Act provides that a by-law of an upper-tier municipality authorizing the issuing of debentures for the purposes or joint purposes of one or more of its lower-tier municipalities may require those lower-tier municipalities to make payments in each year to the upper-tier municipality in the amounts and on the dates specified in the by-law; AND WHEREAS the Act also provides that a municipality shall authorize long-term borrowing by the issue of debentures or through another municipality under section 403 or 404 of the Act and subsection 403(7) of the Act provides that all debentures issued under a by-law passed by an upper-tier municipality under section 403 are direct, joint and several obligations of the upper-tier municipality and its lower-tier municipalities; AND WHEREAS OILC has invited Ontario municipalities desirous of obtaining temporary and long-term debt financing in order to meet capital expenditures incurred on or after the year that is five years prior to the year of an application in connection with eligible capital work(s) to make application to OILC for such financing by completing and submitting an application in the form provided by OILC; AND WHEREAS the Lower-tier Municipality requested the Upper-tier Municipality to issue debentures for the Capital Work(s) and in this connection the Upper-tier Municipality and the Lower-tier Municipality completed and submitted or is in the process of submitting an application to OILC, as the case may be (the “Application”) to request financing for the Capital Work(s) by way of long-term borrowing pursuant to section 403 of the Act through the issue of debentures by the Upper-tier Municipality to OILC and by way of temporary borrowing by the Lower-tier from OILC pending the issue of such debentures; AND WHEREAS OILC has accepted and has approved or will notify the Lower-tier Municipality only if it accepts and approves the Application, as the case may be; By-Law 2020-071 Page 3 of 24 AND WHEREAS the Upper-tier Municipality has approved the issue of debentures for the Capital Work(s) to OILC in the maximum aggregate principal amount of $4,590,373 (the “Debentures”); and OILC has indicated that pending the issue of the Debentures it will provide financing by way of temporary advances to the Lower-tier Municipality in respect of the Capital Work(s); AND WHEREAS the Lower-tier Municipality will enter into a financing agreement with OILC pursuant to the terms of which OILC will provide temporary advances to the Lower-tier Municipality in respect of the Capital Work(s); BE IT THEREFORE ENACTED by the Council of the Corporation of the Town of Tillsonburg as follows: 1. The Council of the Lower-tier Municipality hereby confirms, ratifies and approves the execution by the Treasurer of the Application and the submission by such authorized official of the Application, duly executed by such authorized official, to OILC, in cooperation with the Upper-tier Municipality, for the financing of the Capital Work(s) by way of temporary borrowing from OILC, pending the issue of the Debentures, in the maximum aggregate principal amount of $4,590,373 substantially in the form of Schedule “B” hereto and forming part of this By-law, with such changes thereon as such authorized official may hereafter approve, such execution and delivery to be conclusive evidence of such approval. 2. The Mayor and the Treasurer are hereby authorized to negotiate and enter into, execute and deliver for and on behalf of the Lower-tier Municipality a financing agreement (a “Financing Agreement”) with OILC that provides for temporary borrowing from OILC under the authority of this By-law in respect of the Capital Work(s) on such terms and conditions as such authorized officials may approve, such execution and delivery to be conclusive evidence of such approval. 3. The Mayor and the Treasurer are hereby authorized, pending the substantial completion of the Capital Work or of each Capital Work, as the case may be, or as otherwise agreed with OILC, to make temporary borrowings pursuant to section 405 of the Act in respect of the Capital Work or of each Capital Work, as the case may be, on the terms and conditions provided in the Financing Agreement which the Financing Agreement provides that the information contained in the Record, as defined in the Financing Agreement, in respect of such temporary borrowings shall be deemed final, conclusive and binding on the Lower-tier Municipality, and on such other terms and conditions as such authorized officials may agree; and the Treasurer is authorized to sign such certifications as OILC may require in connection with such borrowings in respect of the Capital Work(s); provided that the amount of borrowings allocated to the By-Law 2020-071 Page 4 of 24 Capital Work or to each Capital Work, as the case may be, does not exceed the Authorized Expenditure for such Capital Work and does not exceed the related loan amount set out in column (4) of Schedule “A” in respect of such Capital Work. 4. In accordance with the provisions of section 25 of the Ontario Infrastructure and Lands Corporation Act, 2011, as amended from time to time hereafter, the Lower-tier Municipality is hereby authorized to agree in writing with OILC that the Minister of Finance is entitled, without notice to the Lower-tier Municipality, to deduct from money appropriated by the Legislative Assembly of Ontario for payment to the Lower-tier Municipality, amounts not exceeding the amounts that the Lower-tier Municipality fails to pay to OILC on account of any unpaid indebtedness of the Lower-tier Municipality to OILC under any outstanding temporary borrowing and/or the Debentures, as the case may be (the “Obligations”) and to pay such amounts to OILC from the Consolidated Revenue Fund. 5. For the purposes of meeting the Obligations, the Lower-tier Municipality shall provide for raising in each year as part of the general lower-tier levy the amounts of principal and interest payable in each year under any outstanding temporary borrowing and/or any Debenture outstanding pursuant to the Financing Agreement, to the extent that the amounts have not been provided for by any other available source including other taxes or fees or charges imposed on persons or property by a by-law of any municipality. 6. a) The Mayor and the Treasurer are hereby authorized to enter into, execute and deliver the Financing Agreement, one or more of the Clerk and the Treasurer are hereby authorized to generally do all things and to execute all other documents and papers in the name of the Lower-tier Municipality in order to perform the Obligations of the Lower-tier Municipality under the Financing Agreement, to request and receive any temporary borrowing, and the Treasurer is authorized to affix the Lower-tier Municipality’s municipal seal to any such documents and papers. b) The money realized in respect of any temporary borrowing for the Capital Work(s) and the Debentures, including any premium, and any earnings derived from the investment of that money after providing for the expenses related to any such temporary borrowing and to the issue of the Debentures by the Upper-tier Municipality, if any, shall be apportioned and applied to the By-Law 2020-071 respective Capital Work and to no other purpose except as permitted by the Act. 7 . THAT this By-Law shall come into full force and effect upon passing . ONO TIME THIS 13th day of JULY, 2020. Page 5 of 24 By-Law 2020-071 Page 6 of 24 Schedule “A” (Ongoing Capital Work(s)) (1) (2) (3) (4) Capital Work Number Description of Capital Work Estimated Expenditure Loan Amount 2020-058/675 Work bays lighting conversion to LED $50,000 $40,000 2020-058/098 F350 w/Alum dump body replacement 130,000 73,500 2020-058/283 Oak Park Subdivision Servicing 115,000 115,000 2020-058/508 Columbaria 36,000 36,000 2020-058/99 420D Backhoe No. 86 Replacement 195,000 130,000 2020-058/113 Cable Trailer No. 233 Replacement 10,000 10,000 2020-058/117 Hydro Utility Van 40,000 40,000 2020-058/118 1 Ton w Dump Body 75,000 37,500 2020-058/141 SCBA Replacement 250,000 150,000 2020-058/175 Radio Upgrade 38,000 38,000 DCS 18-29/813 Hwy 3 Business Park - Hwy 3 widening 1,033,446 82,373 DCS 20-08/804 Van Norman Innovation Park - Phase 2 1,750,000 1,750,000 2020-058/808 Hwy 3 Bus Park - SWM Facility - Phase 1 565,000 438,000 2020-058/807 Hwy 3 - Clearview Dr Extension - Phase 1 1,650,000 1,650,000 By-Law 2020-071 Page 7 of 24 Schedule “B” Webloans Loan Application PDF Projects ID SIT Project ID Project Name Construction/Purchase Start Construction/Purchase End Project Cost OILC Loan Amount 1219 1 Work bays lighting converstion to LED 12/01/2019 12/01/2020 $50,000.00 40,000.00 1220 2 F350 w Alum dump body replacement 11/01/2019 10/01/2020 $130,000.00 73,500.00 1221 3 Oak Park Subdivision Servicing 03/01/2019 11/01/2020 $115,000.00 115,000.00 1222 4 Columbaria 01/01/2020 09/01/2020 $36,000.00 36,000.00 1223 5 420D Backhoe No 86 Replacement 04/01/2020 09/01/2020 $195,000.00 130,000.00 1224 6 Cable Trailer No 233 Replacement 03/01/2020 07/01/2020 $10,000.00 10,000.00 1225 7 Hydro Utility Van 02/01/2020 06/01/2020 $40,000.00 40,000.00 1226 8 1 Ton w Dump Body 03/01/2020 07/01/2020 $75,000.00 37,500.00 1227 9 SCBA Replacement 04/01/2020 06/01/2020 $250,000.00 150,000.00 1228 10 Radio Upgrade 04/01/2020 06/01/2020 $38,000.00 38,000.00 1229 11 Hwy 3 Business Park Hwy 3 widening 07/09/2018 10/11/2019 $1,033,446.00 82,373.00 1230 13 Van Norman Innovation Park Phase 2 05/25/2020 11/30/2020 $1,750,000.00 1,750,000.00 1231 14 Hwy 3 Bus Park SWM Facility Phase 1 04/01/2020 12/31/2020 $565,000.00 438,000.00 1232 12 Hwy 3 Clearview Dr Extension Phase 1 04/01/2020 12/31/2020 $1,650,000.00 1,650,000.00 Details of Project Work bays lighting converstion to LED FA Number 1506 Application for Tillsonburg, The Corporation of The Town of Project Category Municipal Other Infrastructure Work Type Others Other Description Facilities - Fleet Work Bays Project Name Work bays lighting converstion to LED Construction/Purchase Start 12/01/2019 Construction/Purchase End 12/01/2020 Energy Conservation Project Address 1 10 Lisgar Ave Project Address 2 By-Law 2020-071 Schedule "B" Project Financial Information Required Date Amount Term Type 12/15/2020 $40,000.00 10 Serial Details of Project F350 w Alum dump body replacement City / Town Tillsonburg Province ON Postal Code N4G 5A5 Description Lighting conversion to LED in the work bays at the Customer Service Centre Comments and/or Special Requests Project Life Span (Years)20 Project Cost (A)$50,000.00 Other Project Funding / Financing (B): Description Timing Amount user fees Existing $10,000.00 Other Project Funding/Financing Total (B)$10,000.00 OILC Loan Amount (A-B)$40,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $40,000.00 Project Category Municipal Roads Infrastructure Project Name F350 w Alum dump body replacement Construction/Purchase Start 11/01/2019 Construction/Purchase End 10/01/2020 Energy Conservation Project Address 1 20 Spruce Street Project Financial Information Required Date Amount Term Type 12/15/2020 $0.00 10 Serial Details of Project Oak Park Subdivision Servicing Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Replacement of a F350 Truck with and aluminum dump body Comments and/or Special Requests Project Life Span (Years)10 Project Cost (A)$130,000.00 Other Project Funding / Financing (B): Description Timing Amount taxation Existing $56,500.00 Other Project Funding/Financing Total (B)$56,500.00 OILC Loan Amount (A-B)$73,500.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $0.00 Project Category Municipal Roads Infrastructure Project Name Oak Park Subdivision Servicing Construction/Purchase Start 03/01/2019 Construction/Purchase End 11/01/2020 Project Financial Information Required Date Amount Term Type 07/01/2002 $115,000.00 5 Serial Details of Project Columbaria Energy Conservation Project Address 1 Oak Park Subdivision Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Installing municipal infrastructure/services Comments and/or Special Requests Project Life Span (Years)50 Project Cost (A)$115,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$115,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $115,000.00 Project Category Municipal Other Infrastructure Work Type Others Other Description Columbaria Project Name Columbaria Construction/Purchase Start 01/01/2020 Project Financial Information Required Date Amount Term Type 09/01/2020 $36,000.00 25 Serial Details of Project 420D Backhoe No 86 Replacement Construction/Purchase End 09/01/2020 Energy Conservation Project Address 1 191-193 Simcoe Street Project Address 2 City / Town Tillsonburg ` Province ON Postal Code Description Purchase 1 new 96 niche columbaria column and 2 new niche pedestal columbaria Comments and/or Special Requests Project Life Span (Years)50 Project Cost (A)$36,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$36,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $36,000.00 Project Category Municipal Roads Infrastructure Project Name 420D Backhoe No 86 Replacement Construction/Purchase Start 04/01/2020 Project Financial Information Required Date Amount Term Type 09/01/2020 $130,000.00 10 Serial Details of Project Cable Trailer No 233 Replacement Construction/Purchase End 09/01/2020 Energy Conservation Project Address 1 20 Spruce St Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Replacement of off road equipment 420D backhoe Comments and/or Special Requests Project Life Span (Years)12 Project Cost (A)$195,000.00 Other Project Funding / Financing (B): Description Timing Amount taxation Existing $65,000.00 Other Project Funding/Financing Total (B)$65,000.00 OILC Loan Amount (A-B)$130,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $130,000.00 Project Category Municipal Other Infrastructure Work Type Others Project Financial Information Required Date Amount Term Type 09/01/2020 $10,000.00 5 Serial Details of Project Hydro Utility Van Other Description Hydro Project Name Cable Trailer No 233 Replacement Construction/Purchase Start 03/01/2020 Construction/Purchase End 07/01/2020 Energy Conservation Project Address 1 20 Spruce Street Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Replacement of light duty cable trailer Comments and/or Special Requests Project Life Span (Years)15 Project Cost (A)$10,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$10,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $10,000.00 Project Financial Information Required Date Amount Term Type 09/01/2020 $40,000.00 5 Serial Project Category Municipal Other Infrastructure Work Type Others Other Description Hydro Project Name Hydro Utility Van Construction/Purchase Start 02/01/2020 Construction/Purchase End 06/01/2020 Energy Conservation Project Address 1 20 Spruce Stree Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Purchase of light duty utility van Comments and/or Special Requests Project Life Span (Years)8 Project Cost (A)$40,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$40,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Details of Project 1 Ton w Dump Body Project Financial Information Long-term Borrowing Total $40,000.00 Project Category Municipal Roads Infrastructure Project Name 1 Ton w Dump Body Construction/Purchase Start 03/01/2020 Construction/Purchase End 07/01/2020 Energy Conservation Project Address 1 20 Spruce Street Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Purchase of light duty utility van Comments and/or Special Requests Project Life Span (Years)10 Project Cost (A)$75,000.00 Other Project Funding / Financing (B): Description Timing Amount taxation Existing $37,500.00 Other Project Funding/Financing Total (B)$37,500.00 OILC Loan Amount (A-B)$37,500.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Required Date Amount Term Type 09/01/2020 $37,500.00 10 Serial Details of Project SCBA Replacement Project Financial Information Long-term Borrowing Total $37,500.00 Project Category Municipal Other Infrastructure Work Type Fire Project Name SCBA Replacement Construction/Purchase Start 04/01/2020 Construction/Purchase End 06/01/2020 Energy Conservation Project Address 1 80 Concession St E Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Replacement of existing self contained breathing apparatus Comments and/or Special Requests Project Life Span (Years)10 Project Cost (A)$250,000.00 Other Project Funding / Financing (B): Description Timing Amount reserves Existing $100,000.00 Other Project Funding/Financing Total (B)$100,000.00 Required Date Amount Term Type 09/01/2020 $150,000.00 10 Serial Details of Project Radio Upgrade Project Financial Information OILC Loan Amount (A-B)$150,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $150,000.00 Project Category Municipal Other Infrastructure Work Type Fire Project Name Radio Upgrade Construction/Purchase Start 04/01/2020 Construction/Purchase End 06/01/2020 Energy Conservation Project Address 1 80 Concession St E Project Address 2 City / Town Tillsonburg Province ON Postal Code Description To upgrade the fire dispatch radio console to move from our current system of 24 channels to 40 Comments and/or Special Requests Project Life Span (Years)10 Project Cost (A)$38,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 Required Date Amount Term Type 06/01/2020 $38,000.00 10 Serial Details of Project Hwy 3 Business Park Hwy 3 widening Project Financial Information OILC Loan Amount (A-B)$38,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $38,000.00 Project Category Municipal Roads Infrastructure Project Name Hwy 3 Business Park Hwy 3 widening Construction/Purchase Start 07/09/2018 Construction/Purchase End 10/11/2019 Energy Conservation Project Address 1 Clearview Dr & Hwy #3 Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Hwy 3 Business Park - Hwy 3 widening for industrial park Comments and/or Special Requests Project Life Span (Years)40 Project Cost (A)$1,033,446.00 Other Project Funding / Financing (B): Description Timing Amount Required Date Amount Term Type 07/01/2020 $0.00 20 Serial Details of Project Van Norman Innovation Park Phase 2 general reserves Existing $951,073.00 Other Project Funding/Financing Total (B)$951,073.00 OILC Loan Amount (A-B)$82,373.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $0.00 Project Category Municipal Other Infrastructure Work Type Others Other Description Industrial Lands Project Name Van Norman Innovation Park Phase 2 Construction/Purchase Start 05/25/2020 Construction/Purchase End 11/30/2020 Energy Conservation Project Address 1 Clearview Dr & Hwy #3 Project Address 2 City / Town Tillsonburg Province ON Postal Code Description To purchase land along Highway 3 and convert into industrial park Comments and/or Special Requests Project Life Span (Years)25 Project Financial Information Required Date Amount Term Type 07/01/2020 $1,750,000.00 25 Serial Details of Project Hwy 3 Bus Park SWM Facility Phase 1 Project Cost (A)$1,750,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$1,750,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $1,750,000.00 Project Category Municipal Other Infrastructure Work Type Others Other Description Industrial Lands Project Name Hwy 3 Bus Park SWM Facility Phase 1 Construction/Purchase Start 04/01/2020 Construction/Purchase End 12/31/2020 Energy Conservation Project Address 1 Clearview Dr & Hwy #3 Project Address 2 City / Town Tillsonburg Province ON Postal Code Description Storm water pond for the Van Norman Innovation Park Comments and/or Special Requests Project Financial Information Required Date Amount Term Type 07/01/2020 $438,000.00 25 Serial Details of Project Hwy 3 Clearview Dr Extension Phase 1 Project Life Span (Years)40 Project Cost (A)$565,000.00 Other Project Funding / Financing (B): Description Timing Amount reserves Existing $127,000.00 Other Project Funding/Financing Total (B)$127,000.00 OILC Loan Amount (A-B)$438,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $438,000.00 Project Category Municipal Other Infrastructure Work Type Others Other Description Industrial Park Development Project Name Hwy 3 Clearview Dr Extension Phase 1 Construction/Purchase Start 04/01/2020 Construction/Purchase End 12/31/2020 Energy Conservation Project Address 1 Clearview Dr & Hwy #3 Intersection Project Address 2 City / Town Tillsonburg Province ON Postal Code Description New road constructed in to Van Norman Innovation Park Comments and/or Special Requests Project Financial Information Required Date Amount Term Type 01/15/2021 $0.00 25 Serial Debt and Re-payments Summary Non Re-payments of Loans or Debenture OILC Loan Repayment Information Project Life Span (Years)40 Project Cost (A)$1,650,000.00 Other Project Funding / Financing (B): Other Project Funding/Financing Total (B)$0.00 OILC Loan Amount (A-B)$1,650,000.00 Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase of the project, the information will be gathered as part of the Financing Agreement. Long-term Borrowing Total $0.00 Has there been any new/undisclosed debt acquired since last FIR was submitted? Yes No Please describe any re-financing plans for any existing "interest only" debt, if applicable. In the last 10 years, has the borrower ever failed to make a loan payment or debenture repayment on time to any lender, including the Provincial Government? If yes, please provide details. Please indicate the source(s) of revenue you plan to use to repay the OILC Loan Taxation 5.00 User Fees 95.00 Service Charges 0.00 Development Charges 0.00 Connection Fees 0.00 Repayment Subsidies 0.00 Other Documentation and Acknowledgements Please ensure all required documents are submitted with the signed application. OILC requires originals as noted below to be mailed or couriered. Also, please retain a copy of all documents submitted to OILC for your records. To obtain templates for documents see listed below. Loan Application Signature Page signed and dated by the appropriate individual (original to be submitted) Certificate and sealed copy of OILC template By-law authorizing project borrowing and applying for a loan (original with seal) Certificate of Treasurer Regarding Litigation using the OILC template (original, signed & sealed) Updated Certified Annual Repayment Limit Calculation (original) I acknowledge and agree that all of the above referenced documents must be submitted in the form required by OILC and understand that the application will not be processed until such documents have been fully completed and received by Infrastructure Ontario. Please note: OILC retains the right to request and review any additional information or documents at its discretion. Confidential Information OILC is an institution to which the Freedom of Information and Protection of Privacy Act (Ontario) applies. Information and supporting documents submitted by the Borrower to process the loan application will be kept secure and confidential, subject to any applicable laws or rules of a court or tribunal having jurisdiction. Infrastructure Ontario This site is maintained by Infrastructure Ontario, a Government of Ontario crown agency. Privacy | Important Notices | info@infrastructureontario.ca Copyright © Queen’s Printer for Ontario, 2020 | Accessibility Total 100.00%