3948 To authorize the Issuance of DebtTHE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NO. 3948
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 through the County of Oxford and prescribed financial instruments 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") as set out in Schedule "A" attached thereto and desires to issue debt through the
County of Oxford for the Project in the respective amount specified in Schedule "A;
AND WHEREAS before authorizing the 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 Project and the issuance of additional debentures
would not cause the Corporation to exceed the updated limit;
AND WHEREAS it is expected that the approved financing through a financial institution or County of
Oxford will occur in Q4 2015;
THEREFORE the Council of the Town of Tillson burg enacts as follows:
1. THAT certain works as set out in Schedule "A" hereto attached are hereby authorized up to a
maximum cost of $69,550.
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 there shall be raised in each year in which an installment comes due by a rate on all applicable
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.
4. THIS By-Law shall come into full force and effect on the date of enactment.
READ A FIRST AND SECOND TIME THIS 28th DAY OF SEPTEMBER, 2015.
READ A THIRD AND FIN)~:fT.IME AND PASSED THIS 28th.DAY OF SEPTEMBER, 2015.
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Deputy Mayor -Dave Beres
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Town Clerk-Donna Wilson
287
Project Description
THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NO. 3948
SCHEDULE A
Debt to be Issued
Finance Health Club Equipment $69,550
288
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