HomeMy WebLinkAbout96-163 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 96- 163
Being a by-law to authorize the debenturing of
$1,055,000 to assist in the construction of the
Courtice Community Centre located at
Concession 2, Part Lot 29, now RP104-2447, Part
1 to 6, former geographic Township of
Darlington, in the Municipality of Clarington.
WHEREAS Section 208 (57) of the Municipal Act R.S.O. 1990, 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. 1990, provides that By-Laws
may be passed to allow for borrowing for the purpose of the Corporation and the issuance
of debentures thereof;
WHEREAS the Council of the Corporation of the Municipality of Clarington wishes
construction to proceed on a new Complex for Municipal operations;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved
Report TR-64-96 at its meeting of July 8, 1996 and has awarded Tender CL96-4(Re-tender)
for the Construction of the Courtice Community Complex; and
WHEREAS the Treasurer has updated the Municipality's annual debenture limit and this
limit has not been exceeded, therefore, Ontario Municipal Board approval is not required;
NOW THEREFORE, Be It Enacted and It Is Enacted as a By-law of the Corporation of the
Municipality of Clarington as follows:
1. That the Municipality proceed with the construction of a new Complex for
municipal operations located at Concession 2, Part Lot 29, now RP10R-2447,
Part 1 to 6, former geographic Township of Darlington, now in the
Municipality of Clarington.
2. That the estimated costs of the construction in the amount of $6,458,000 be
financed as follows:
(a) That the sum of$1,055,000 be debentured over a period not to exceed
fifteen (15) years;
(b) That the sum of $5,403,000 be funded as identified in Report
TR-64-96.
3. That the funds to repay the principal and interest of the debentures be drawn
from the Library Development Charge Reserve Fund as the development
charges are collected.
By-Law read a first and second time this 16th day of September 1996.
By-Law read a third time and finally passed this 16th day of September 1996.
P_
Mayor
' J
Clerk