HomeMy WebLinkAbout87-61
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW 87- 61
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 1, former geographic
Township of Darlington, now in the Town of
Newcastle
WHEREAS Section 208-(57) of The Municipal Act, R.S.O. 1980, provides that
by-laws may be passed by the Councils of all municipalities for the acquiring,
erecting, altering, maintaining, operating or managing of arenas and community
recreation centres; and
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 THE TOWN OF NEWCASTLE
HEREBY ENACTS AS FOLLOWS:
1. THAT the Town proceed with the construction of a new Arena and Community
Hall for municipal operations located at Lot 15, Concession 1, 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.
5. THAT By-law 87-27 be and is hereby repealed.
By-law read a first and second time this 3rd day of April 1987
By-law read a third time and finally passed this 3rd day of April 1987
Mayor
t~cu. CA
Clerk
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E 870338
Ontario
Ontario Municipal Board
Commission des affaires municipales de l'Ontario
IN TBE MATTER OF Section 64 of
the Ontario Municipal Board Act,
(R.S.O. 1980, c. 347 as amended),
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IN THE MATTER OF an application
by The Corporation of 1:11e Town
of Newcastle for an order approving:
(a) the construction of a new Arena
and Community Ball for municipal
operations located at Lot 15,
Concessior.~,former geographio
Township of Darlington, now in
the Town of Newcastle at an
estimated cost of $5,000,000.00,
and the borrowing of IIOney by
way of temporary advances not
exceeding 1n the aggregate such
estimated cost pending the sale
of debentures, and
(b) the issuanoe of the necessary
debentures to a maximum of
$3,000,000.00 for a term not
to exceed fifteen years by
The Regional Municipality of
Durham chugeable to the
applicant corporation
BBFORE:
D. H. Mcl:\OBB
Vice-Chairman
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)
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Wednesday, the 1st day
of April, 1987
H. W. KELLY
Member
THE BOARD ORDERS that this application be granted and that the
applicant may proceed with the undertaking and The Regional
Municipality of Durham may issue debentures therefor for a sum
not exceeding the lesser of $3,000,000.00 or the net cost of such
undertaking for a term not exceeding fifteen years, provided that
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E 870338
~he Councils of the applican~ corpora~ion and The Regional
Municipali~y of Durham in exercising any power approved by
this order shall comply and conform with all sta~utory and
o~r legal requ1r...n~s related ~hereto.
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SECRETARY
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