HomeMy WebLinkAbout83-18
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CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NO. 83-18
Being a by-law to authorize the borrowing
of $150,000 from Ontario Hydro, Station
Account "B" to assist in the provision of
storm drain~~works in the Courtice 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~.)iS)c'pal 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 construction be financed in
part through a $150,000 loan from Ontario Hydro Station
Account IIB";
3. That said loan of $150,000 be repaid in equal installments
over a 15 year period, the first such installment to be
payable on the third anniversary of the awarding of the
contract for the first phase of the storm drainage works
in the Courtice South Urban Area;
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 Marcli ,1983.
G.B. RiCkard~~~
Mayor
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D.W. Oakes
Town Clerk
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Ontario
E 830099
Ontario Municipal Board
IN THE MATTER OF Section 64(8)
of The Ontario Municipal Board Act,
(R.S.O. 1980, c. 347)
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IN THE MATTER OF an application by
The Corporation of the Town
of Newcastle for an order
approving:
(a) the construction of storm
drainage works in the Court ice
Urban Area at an estimated
C08t of $150,000.00 and the
borrowing of money therefor,
and
(b) to authorize the borrowing
of $150,000.00 from Ontario
Hydro Station Account "B"
to assist in the above works
BEFORE:
A. H. ARRELL, Q.C.
Vice-Chairman
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]
]
] Thursday, the 24th day
}
] of February, 1983
]
A. B. BALL
Member
THE BOARD ORDERS that this application be granted and that
the applicant may proceed with the said undertaking, and
may pas. all requisite by-laws, and to borrow by way of a
loan from Ontario Hydro Station Account "Bft the sum of
$150,000.00 and not to exceed the net oost of such undertaking
to the applicant, for a term not to exceed fifteen years,
provided that the applicant corporation shall not make any
commitment for the undertaking of a project out of t.he anount
hereby approved until the treasurer of the Town of Newcastle
has certified to the council that the funds can be provided
under this order in payment thereof, and provided that this
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E 830099
approval ahall not apply to any undertaking, work, project,
acheme, act, matter or thing, any part of the cost of which
is to be raised by special rates which require approval of
this Board and provided that the corporation in exerciaing
any power approved by this order ahall comply and conform
with all atatutory and other legal requirements related
thereto.
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f. SECRETARY
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C. G. i;~&13:~I.. . ....
FJlio No..~.J:""..............
FEB 2 8 1983
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