HomeMy WebLinkAbout18 082 Shareholder Declaration (Bruce Telecom Inc.) By-law No. 2017-141 Amendment By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
No. 2018 - 082
BEING A BY-LAW TO AMEND BY-LAW NO. 2017 - 141;
BEING A BY-LAW TO ENTER INTO SHAREHOLDER DECLARATION WITH
BRUCE TELECOM INC.
WHEREAS pursuant to the Municipal Act 2001, S.O. 2001, c.25, as amended
Section 8 (1) and 9 provide that the powers of a municipality under this or any
other Act shall be interpreted broadly so as to confer broad authority on the
• municipality to enable the municipality to govern its affairs as it considers
appropriate and to enhance the municipality's ability to respond to municipal
issues and has the capacity, rights, powers and privileges of a natural person for
the purpose of exercising its authority under this or any other Act;
AND WHEREAS The Corporation of the Municipality of Kincardine passed By-
law No. 2017 - 141 to enter into a Shareholder Declaration with Bruce Telecom
Inc., as amended by By-law No. 2017 - 177 to reflect the final name of the
incorporated Bruce Telecom holding corporation, namely Bruce Telecom Holding
Inc. and to repeal and replace Schedule "A";
AND WHEREAS Bruce Telecom Holdings Inc. has requested Council's approval
to exercise clause (t) under Section 13 of the Shareholder Declaration of By-law
No. 2017 - 141 to engage a lender for a secured line of credit facility;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it advisable to approve the exercise of clause (t) under Section 13 and to
further amend Schedule "A" of the By-law to remove clause (t) under Section 13
as a matter requiring shareholder approval for future requests;
• NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. THAT The Corporation of the Municipality of Kincardine approve the exercise
of clause (t) under Section 13 of the Shareholder Declaration to engage a
lender for a secured line of credit facility of no more than $1,500,000 to be
made available to the operating companies of Bruce Holdings.
2. THAT Schedule "A" of By-law No. 2017 - 141, the Shareholder Declaration be
amended to remove clause (t) under Section 13:
(t) enter into any agreement, commitment or investment that creates any
Lien or recourse in favour of any third party to the assets of Bruce
Telecom
3. That this by-law shall come into full force and effect upon its final passage.
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Page 2 of 2
Shareholders Declaration (Bruce Telecom Inc.) By-law No. 2017 - 141
Amendment
By-law No. 2018 - 082
4. That this by-law may be cited as the "Shareholder Declaration (Bruce
Telecom Inc.) By-law No. 2017 - 141 Amendment By-law".
• 13th
READ a FIRST, SECOND TIME this day of June, 2018.
READ a THIRD TIME and FINALLY PASSED this 13th day of June, 2018.
C411-42— 011- Etfilnui.-114,*
Ma or Clerk
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