HomeMy WebLinkAbout83-17
CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NO. 83-17
Being a by-law to authorize the borrowing
of $350~000 to assist in the provision of
storm drai nag.!.." works in the Courti ce Urban
Area. ~~
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WHEREAS, Section ~of the Ontario Municipal Act R.S.O. 1980 provides
that by-laws may be passed to allow 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
development to proceed in the Courtice Urban Area;
NOW THEREFORE, the Council of the Corporation of the Town of Newcastle~
pursuant to Section ~ of the M..u~i~igal Act R.S.O. 1980 ENACT AS FOLLOWS:-
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1. That the Town proceed with the construction of the first
phase of the storm drainage works in the Courtice South
Urban Area;
2. That the estimated costs of the construction be financed
through a $350,000 loan from Her Majesty the Queen in Right of
the Province of Ontario as represented by the Minister of
Municipal Affairs and Housing,
3. That said loan of $350,000 be repaid in equal installments over
a 15 year period, the first such installment to be payable on
the third anniversary of the date on which the monies were
paid to the Town,
4. That the funds to repay the loan be provided from the letters
of credit provided for the storm drainage works which are held
by the Town on behalf of the development agreement with Claret
Investments Limited and Rexgate Holdings Limited.
By-Law read a first and second time this 24th
day of January , 1983.
By-Law read a third and final time this
14th day of t.1arch ,,1983.
;/
G.B. RiCkar~~
Mayor .
SEA L
D.W. Oakes
Town Clerk
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I File No.uc.,wilkL.:"'.._.Ol..<l.....uu I
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E 77300
Ontario Municipal Board
IN THE MATTER OF Sections 63 and 64(8) of
The Ontario Municipal Board Act, (R.S.O.
1970, o. 323) (now R.S.O. 1980, c. 347)
- and -
IN THE MATTER OF an application by
The Corporation of the Town of
Newcastle for an order approving:
(a) an expenditure of $350,000.00
for the construction of storm
drainage faoilities in the
Courtice Area and the borrowing
of money by way of t.emporary
advances not. exceeding in 'the
aggregat.e such estimated cost
pending the sale of debentures,
(b) the issuance of the necessary
debentures by The Regional
Munioipality of Durham, chargeable
to the applicant corporation,
and
(c) the entering by the applicant
corporation into an agreement
with Her Majesty the Queen in
right of Ontario a8 represented
by the Minister of Housing, in
accordance with the draft
agreement filed with the Board
on the 1st day of November, 1979;
and identified by the Secretary'.
signature for the provision of
an inter.st free loan of $282,700.00
for the const.ruotion of said
works on the secur! ty of debenture.
in suoh amount repayable over a
term of five years
and declaring and directing that the
.ssent. of the elect.ors of the applicant
corporation shall not be required
such applicat.ion having been approved
by order of the Board dated the 26th
day of February, 1980
- and -
IN THE MATTER OF a present application
for an order approving:
(d) an amendment. of such previous
order by amending the loan
agreement to $350,000.00, and
(e) an amendment of suoh previous
order t.o provide for repayment
of the loan over a term of
fifteen years
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: BY.I'''' No......$.~.=L2........-
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E 77300
BEFORE:
A.B. ARRELL, Q.C.
Vice-Chairman
- and -
D. S. COLBOURNE
Vice-ChaiDum
]
]
] Friday, the l8~ day
]
] of February, 1983
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TIlE BOARD ORDBRS that t:his applicaUoD be gJ:'anted and
'thai: i1:8 previous order dai:ed the 26th day of February,
1980, and eni:ered in order book No. E 77-6 at folio 321
on the 2284 day of April, 1980, is hereby amended by
deleting the figuresD$282,700.00a in line 11 of
subsection (e) of the style of cause and line 1 of
the opera'tive clause and substituting in lieu thereof
the figures D$350,ooo.ooa,
AND TIlE BOARD ORDERS 1:bat such previous order is hereby
fUJ:i:her amended by amending the t.erm of the 1n1:eres't free
loan agreement from five years to fifteen years.
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SECRE'lARY
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