HomeMy WebLinkAbout87-27
REPEALED 11' LP i
BY.LAW .~.J.;.... ·
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THE CORPORATION OF THE 'lniN OF NE.W::ASTLE
BY-LAW NUMBER 87-27
being a by-law to authorize the debenturing
of $3.000,000 to assist in the construction of
a New Arena and Community Hall located at Lot
15, Concession " former geographic Township
of Darlington. now in the Town of Newcastle
Whereas, Section 123 of the Ontario Municipal Act. R.S.O. 1980 provides that
By-Laws may be passed to allow for borrowings for the purpose 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 Arena and Community Hall for Municipal
operations;
Now therefore, the Council of the Corporation of th(~ Town of Newcastle pursuant
to Section 123 of the Municipal Act R.S.O. 1980 enact as follows:
1. That the Town proceed with the construction of a new Arena and Community
Hall for municipal oper~tions located at Lot 15, Concession I, former
geographic Township of Darlington, now in the Town of Newcastle.
2. That the estimated costs of the construction in the amount of $5,000,000
be financed as follows:
a) That the sum of $3,000,000 be debentured over a period not to exceed
fifteen (15) years
b) That the sum of $2,000,000 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 approval by the Ontario Municipal
Board, pursuant to Section 64(1) of the Ontario Municipal Board Act.
By-Law read a first and second time this 9th day of February 1987.
By-Law read a third time and finally passed this 9th day of February 1987.
,
~~.
I . . Mayor
~,~
Clerk
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Otn/3
"'" MEMORANDUM OF UNDERSTANDING
made this 26th day of January, 1987
BET WEE N:
THE COUNCIL OF THE TOON OF NEW::ASTLE
hereinafter called tithe Towntl
OF THE FIRST PART
and
THE STEERING COMMITTEE FOR THE ARENA FUNDRAISING PROJECT
hereinafter called tithe Steering Comni ttee"
OF THE SECOND PART
WHEREAS pursuant to Council Resolution #C-434-86 item 8 the Steering
Committee has entered upon a campaign to raise public funds for the
purpose of constructing an arena with banquet facilities on the
northwest corner of Highway 2 and Regional road 57,
AND WHEREAS the Steering Comnittee is now prepared to establish it-
self as a conmittee independent of Council for the purpose of solic-
iting funds with respect to the arena project,
AND WHEREAS, a successful fundraising campaign requires the close
co-ordination and co-operation of the Town and the Steering
Conrnittee,
NOW THEREFORE in consideration of the premises the Town and the
Steering Conmittee have agreed to enter into this Memorandum of
Understanding as follows:
1. The Steering Conrnittee accepts the responsibility for collect-
ing all of the funds including following up of any pledges, and,
the payment of all expenses relating to the fundraising
activities.
2. The Steering Conmittee shall report monthly to the Town
Treasurer on the financial status of the campaign and shall
remit funds collected to the Town Treasurer when requested, to
meet project costs.
3. The net target of funds to be raised is $750,000.00.
4. The Steering Corrmittee may recomnend to the Town the disposition
of any funds collected in excess of those stated in item 3.
5. The Arena Project is dependent significantly on the funds to be
raised by the Steering Conmittee in order to offset a portion of
the overall cost of the project to the Town., otherwise,
additional monies will have to be raised through other means
determined appropriate by the Town.
6. The Town is financially responsible for this project.
7. The Town is responsible for any funding through Ontario
Municipal Board approval(s), Ontario Hydro Impact funds,
and any other available grants.
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8. Any Arena Project Team established by the Town shall include up
to three members selected by the Steering Committee representing
user interests.
9. All fund-raising publicity releases will be made by the Steering
Committee in consultation with the Chief Administrative Officer
of the Town.
10. This Memorandum of Understanding will remain in effect until all
of the pledges are collected and accounted for by the Steering
Committee.
IN WITNESS WHEREOF the Parties hereto have executed this
Memorandum of Understanding.
THE COUNCIL OF THE 'lU'm OF
N~ASTLE
Per:
Clerk
Mayor
THE STEERING COMMITTEE FOR THE
ARENA FUNDRAISING PROJECT
Per:
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~
. ~ Chairman
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