HomeMy WebLinkAbout2006-190
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2006 -190
Being a By-Law to authorize the debenturing of $17,155,000
to assist in the construction of Newcastle Recreation Facility
located at Con 1 Pt Lot 31
Plan DR302420 Part 1
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 Newcastle Recreation Facility;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved
Report COD-056-06
at its meeting of September 25,2006, for Newcastle Recreation Facility;
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 Newcastle Recreation
Facility, located at Con 1 Pt Lot 31 Plan DR302420 Part 1, in the Municipality of
Clarington;
2. THAT the sum of$17,155,000, 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 25th day of September, 2006.
By- Law read a third time and finally passed this 25th day of September, 2006.
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~tton, Mayor
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