HomeMy WebLinkAbout86-101
The Corpora+ion of +he Town of Newcas+le
By-l aw Number 86- 101
Being a by-law to authorize the debenturing
of $2,500,000 to assist in the construction of
a new administrative centre in the Bowmanvil Ie
Urban Area of the Town of Newcastle
Whereas, Section 123 of the Ontario Municipal Act R.S.O. 1980 provides
that by-laws may be passed to al low for borrowings for the purposes of
the Corporation and the issuance of debentures thereof;
Whereas, the Council of the Corporation of the Town of Newcastle
wishes construction to proceed on a new administrative centre for
municipal operations;
Now therefore, the Council of the Corporation of the Town of
Newcastle, pursuant to Section 123 of the Municipal Act R.S.O. 1980
Enact As Fol lows:
1. That the Town proceed with the construction of a new
administrative centre for municipal operations located in the
Bowmanvil Ie Urban Area within the Town of Newcastle;
2. That the estimated costs of the construction in the amount of
$5,000,000 be financed as fol lows:
a) That the sum of $2,500,000 be debentured over a perJod not
to exceed fifteen (15) years
b) That the sum of $2,500,000 be funded from Current Revenue
3. That the funds to repay the principal and interest of the
debentures be raised through a tax levy on the ratepayers.
4. That this by-law not take effect until approved by the Ontario
Municipal Board, prusuant to Section 64(1) of the Ontario
Municipal Board Act.
By-law read a first and second time this ItffJ.day of ju.0 1986.
By-law read a third time and finally passed this 1~tJ, day of M 1986.
Mayor
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B 860871
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Mun1c1pa11t:y of Durham 1n exerc181n9 any power approved by t:h18
order 8ball comply and conform w1 t:h all 8'tat:u1:ory and ot:her 1e9al
requ1r88eftt:8 re1a~e4 there1:o.
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SEP 1 7 1983
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E 860871
Ontario Municipal Board
IN THE MATTEa OF Section 64
of the On~rio Municipal
Board Act, (a.s.o. 1980,
c. 347 as amended),
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SEP 23 1986
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CLER~ OEPAkiMiNT
III 'lBB NATTEa OF an
application by The
Corporation; of the Town of
Newcastle for an order
approving.
(a) the construction of
a new administrative
cent.re at an estimated
cost. of $5,000,000.00,
and the borrowing of
money by way of
temporary advance. not
exceeding in the
ag9regate .uch
e.t.imated cost pendin9
the sale of debent.ure.,
and
(b) the issuance of the
nece.sary debent.ures to
a maxtBum of $2,500,000.00
for a tera not to exceed
fifte.n years by The
ae,ional Municipality of
Durhaa charqeable to the
applicant corporation
BBFoaB:
P.M. BROOKS
Vice-chaiJ:llaJ1
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Friday, the 12th day
of September, 1986
D.K. MeROSa
Vic.-chairman
'1'BB BOARD ORDBRS that. this application be granted and that the
applicant may proc.ed with the undertakin9 and The Re9ional
MW'licipality of Durham may issue debenture. th.refor for a SUlll
not exce.ding the l....r of $2,500,000.00 or the net coat of
.uch W'ldertakin9 for a term not exc..ding fifteen year., provid.d
that the COW'lcils of the applicant corporat.ion and The Regional
d./ :2.10'0.