HomeMy WebLinkAbout2006-118
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2006 -118
Being a By-Law to authorize the debenturing of $1,111,640
to assist in the construction of Total Hockey
located at Con 1 pt Lot 15, 16
now RP1 OR574 Part 23, 24, 25, 28 pt
in the Municipality of Clarington.
WHEREAS Section 403 of the Municipal Act, 2001, S.O. 2001, provides that By-Laws may
be passed to allow for borrowing for the purpose of the Corporation and the issuance of
debentures thereof;
WHEREAS the Council of the Corporation of the Municipality of Clarington wishes
construction to proceed on Total Hockey;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved
Report COD-002-06 at its meeting of January 16, 2006, for Total Hockey;
WHEREAS the Director of Finance/Treasurer has updated the Municipality's annual
debenture limit and this limit has not been exceeded, therefore, the Ontario Municipal Board
approval is not required;
NOW THEREFORE, Be It Enacted and It is Enacted as a By-law of the Corporation of the
Municipality of Clarington as follows:
1. THAT the Municipality proceed with the construction of the Total Hockey, located at
Con 1 pt Lot 15,16 now RP10R574 Part 23,24,25,28 Pt, in the Municipality of
Clarington;
2. THAT the sum of $1,111,640, plus debenture costs, be debentured over a period not
to exceed fifteen (15) years; and
3. THAT the funds to repay the principal and interest of the debenture be raised through
a tax levy on the ratepayers and to the extent possible through future development
charges.
By-Law read a first and second time this 29th day of May, 2006.
By-Law read a third time and finally passed this 29th day of May, 2006.