HomeMy WebLinkAbout03 085 omeifa borrowing loan ap
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
"or
BY-LAW
NO. 2003 - 85
A BY-LAW TO AUTHORIZE THE M. UNICIPALITY OF KINCARDI~TO APPLY FOR
A LOAN FROM THE ONTARIO MUNICIPAL ECONOMIC INF TRUCTURE
FINANCE AUTHORITY TO FUND THE CONSTRUCTION OF A LEAN WATER
INFRASTRUCTURE PROJECT '
WHEREAS Section 401 of the Municipal Act, 2001, S.O. 2001, c. 25, s amended,
provides authority for a municipality to incur a debt for municipal pu ses;
AND WHEREAS Section 405 of the Municipal Act, 2001, S.O. 2001, 25, as amended,
allows a municipality to authorize temporary borrowing to meet expen itures made in
connection with a wor!< to be financed in whole or in part by the issue f long term debt;
AND WHEREAS Section 408 of the Municipal Act, 2001, S.O. 2001, 25, as amended,
requires Councils to authorize long term borrowing;
AND WHEREAS the Council for the Municipality of Kincardine deems it advisable to
request a loan from the Ontario Municipal Economic Infrastructure Fin nce Authority for
both interim and long term funding to enable the construction of the cl an water
infrastructure project known as the Kincardine to Inverhuron Water Su ply;
NOW THEREFORE the Council for The Corporation of the Municipalii, of Kincardine
ENACTS as follows: T
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That the Corporation of the Municipality of Kincardine make aRplication for a loan
from the Ontario Municipal Economic Infrastructure Finance A~thority to fund the
construction of a clean water infrastructure project. I
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That the Mayor and Treasurer be authorized to sign, on behalf of the Municipality
of Kincardine, any documents required to request both interim nd long term
financing from the Ontario Municipal Economic Infrastructure inancing Authority
to fund in part, the construction of the Kincardine to Inverhuro Water Supply
project. I
That this by-law shall come into fun force and effect upon its fi~al passage.
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That this By-Law shall be known as the ·OMEIFA Loan ApPli~tiOn Authorization
By-law". I
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READ a FIRST, SECOND and THIRD TIME and DEEMED TO BE Pf'5sED this 18'"
day of June, 2003. I
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