3346 To authorize the borrowing from the County of Oxford in the principal amount not to exceed $200,000 for the purposes of an advance to the Parkland Trust for expenses related to the development of the Tillsonburg Community Trail.TOWN OF TILLSONBURG
BY-LAW NO. 3346
BEING a by-law to authorize the borrowing from the County of Oxford in the principal amount
not to exceed $200,000 for the purposes of an advance to the Parkland Trust for expenses
related to the development of the Tillsonburg Community Trail.
WHEREAS the Municipal Act, 2001, as amended (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 into prescribed financial
agreements for or in relation to the debt.
NOW THEREFORE THE CORPORATION OF THE TOWN OF TILLSONBURG ENACTS AS
FOLLOWS:
1. For the purposes of financing the capital project referred to as the Tillsonburg
Community Trail (the "Project"), the Town of Tillsonburg, hereby borrows upon the credit
of the County the sum not to exceed $200,000 to be repaid in annual instalments of
principal as pledges are received by the Town of Tillsonburg and interest calculated on
the outstanding principal at each month end, as hereinafter set forth, are hereby
authorized.
2. The total loan principal shall not exceed $200,000, dated the 15th day of November,
2008 in lawful money of Canada and shall mature upon final payment of the principal
and interest incurred to date of the final payment, or on December 31, 2012, whichever
comes first. Principal payments shall be paid upon the Town of Tillsonburg Parkland
Trust receipt of committed pledges to the Project and will be immediately credited to the
outstanding principal balance. The minimum annual principal payments are as set forth
in Schedule "A" attached hereto and forming part of this By-law ("Schedule "A"). The
loan shall bear interest from the date thereof payable annually in arrears in each year.
The loan shall bear interest at the rate of Canadian prime calculated on the outstanding
balance at the end of each month and shall be payable not later than December 31St of
each year.
4. There shall be raised pursuant to this By-law, in each year of the currency of the debt, as
part of the general lower -tier levy, the amounts required to be repaid to the County in
accordance with this By-law.
READ a first and second time this 10th day of November, 2008.
READ a third time and finally passed in this 10th day of November.A/ 08.
PHEM MOLNAR, MAYOR
M„H�rE L , CLERK
SCHEDULE "A"
BY-LAW NO.
Principal Payments Due on or Before
December 31, 2008
$28,534
December 31, 2009
491816
December 31, 2010
441900
December 31, 2011
43,250
December 31, 2012
33,500
$200,000