HomeMy WebLinkAbout04 075 amend shoreline dist
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
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BY-LAW
NO. 2004 - 75
BEING A BY-LAW TO AMEND BY-LAW NO. 2003 -103, AS AM NDED, THE
KINCARDINE TO INVERHURON WATER SUPPLY CONSTRU TION AND
BORROWING BY-LAW
(Shoreline Area Distribution System)
WHEREAS Section 5 of the Municipal Act, 2001, S.O. 2001, c. 25, as mended provides
that a municipal power shall be exercised by by-law unless the munici ality is specifically
authorized to do otherwise;
AND WHEREAS The Council for the Corporation of the Municip lity of Kincardine
adopted By-law No. 2003 -103, which was amended by By-law No. 003 -130, which
authorized the construction of the Kincardine to Invernuron Water Su ply Project in the
amount of $3,365,000 subject to approval by the Ontario M nicipal Economic
Infrastructure Financing Authority (OMEIFA);
AND WHEREAS OMEIFA has requested further amendments 10 Municipality of
Kincardine By-law No. 2003 - 103, as amended, in order to proce d with the review
process for the debenture;
NOW THEREFORE the Council of the Corporation of the Municip lity of Kincardine
ENACTS as follows:
That Clause 1 of By-law No. 2003 - 103, as amended, be here y revoked and
the following Clause be substituted: "That the Council of The orporation of the
Municipality of Kincardine hereby confirms, ratifies and approv s the completion
by the Treasurer of an Application and the submission by such authorized official
of an Application, duly executed by such authorized official, to MEIFA for the
financing of the Project in the maximum aggregate principal a ount of
$1,800,000 substantially in the form of Schedule "B" hereto an forming part of
this By-law, with such changes thereon as such authorized offi ial approved."
2. That Clause 7 of By-law No. 2003 - 103, as amended, be her y revoked, and
the following Clause be substituted: "In accordance with the p visions of
Section 18 of the Ontario Municipal Economic Infrastructure Fi ancing Authority
Act, 2002 (Ontario) as security for the payment by the Municip lity of any
indebtedness of the Municipality to OMEIFA incurred under th Note or any
Debentures, the Municipality is hereby authorized to agree in iting with
OMEIFA that the Minister of Finance is entitled to deduct from oney
appropriated by the Legislative Assembly of Ontario for payme t to the
Municipality or from money appropriated by the Assembly for ayment to the
Municipality in respect of specified matters, amounts, not exce ding the amounts
that the Municipality fails to pay to OMEIFA on account of the utstanding
indebtedness evidenced by the Note or any Debentures issu by the
Municipality to OMEIFA, and to pay such amounts to OMEIFA
1.
In accordance with the provisions of section 18 of the Ontario unicipal
Economic Infrastructure Financing Authority Act, 2002 (Ontari }...
3.
That this by-law shall come into full force and effect upon its fi al passing.
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By-law No.2004 - 75 ,
Amendment to Shoreline Area Distribution System Constructio~ and Borrowing
By-law !
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This by-law may be cited as the "Amendment to Shorelin, Area Distribution
System Construction and Borrowing (2004) By-Law".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this 191h day of May
2004. .
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Mayor
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(1)
Project Number
By-law 2003-103
Schedule "B"
To By-law Number 2004 - 75
(2)
Description of Capital Work
Construction ofthe Kincardine
To Inverhuron Water Supply
(3)
Estimated
Expenditure
$4,664,000
(4)
Loan
Amount
$1,800,000