3238 To authorize the Issuance of Debt.THE CORFCRATIC N OF THE TOM OF TIT .1J BLJItO
BY—LAW NO. 3238
A BY—LAW to authorize the Issuance of Debt.
Tn S
the Municipal Act, 2001 Section 401 (1) provides that subject
too 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 to the debt;
AND MM,;AS 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;
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 it is expected that the permanent financing
through either Infrastructure Ontario or other financial
institution will not occur until 2007;
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
$532,350.00.
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 a
short-term, float rate loan for the works to be eventually
financed through Infrastructure Ontario or other financial
institution for an amount not exceeding $532,350.00 and shall
be made payable on demand at the interest rate prevailing
throughout the term of the loan.
4. THAT the Treasurer may arrange with any bank 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 pELy 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 force and effect on the date
of enactment.
Read a first, second and third time, passed, signed, sealed and
Numbered this 11th day of December 2006.
� 1 ✓i
i�~d
Clerk
THE CORPORATION OF THE TOM OF TILLSONBURG
BY-LAW NO. 3238
SCHEDULE '%%Aff
Project Description Short -Term Debt
To be issued
2007 Ford F350 1 Ton
52f700
2007 Ford F250 Pick Up
60, 300
2007 Ford Freestar Minivan
23f700
Tennis Courts
96f000
Delevan Road Work
71,100
Roads Resurfacing - Baldwin, Ann,
DevonshirE�, Cedar, Duncan and James Streets
75,000
Airport Taxiway for Hangars
23,660
Airport Lighting
9,000
Reverse 00c,mosis
39f850
Olympia Ice Resurfacer
65,000
Community Centre Lobby Floor Tiles
16f040_
Total net cost of works
$ 532f350