HomeMy WebLinkAbout2001-126 9
Schedule "A"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2001- 126
Being a By-Law to authorize the debenturing of$8,100,000
to assist in the construction of the Library Main Branch
and expansion of the Municipal Administration Building
located at Plan Grant Blk M Lot 129, Now RP 40R18882 Part 1,
former geographic Township of Bowmanville, in the Municipality of Clarington.
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 Library Main Branch and the expansion of the Municipal
Administration Building for Municipal operations;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved
Report TR-49-01 at its meeting of June 25, 2001 for the Library Main Branch and the
expansion of the Municipal Administration Building;
WHEREAS the Treasurer has updated the Municipality's annual debenture limit and this
limit has not been exceeded,therefore, the 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 Library Main Branch
and the expansion of the Municipal Administration Building for municipal operations,
located at Plan Grant Blk M Lot 129,Now RP 40R18882 Part 1, former geographic
Township of Bowmanville, now in the Municipality of Clarington;
2. THAT the sum of$8,100,000 be debentured over a period not to exceed fifteen(15)
years; and
3. THAT the funds to repay the principal and interest of the debenture be raised through
a tax levy on the ratepayers,to the extent possible through development charges, and
from the debenture repayment reserve fund, as approved in Admin-33-99.
By-Law read a first and second time this 25th day of June, 2001.
By-Law read a third time and finally passed this 25th day of June 2001.
John Mutton, Mayor
/Patti L. ie, iiri.pal Clerk
x 2'.J';d .rI
October 26, 2001 ,
Ms. Patti Barrie
Municipal Clerk
The Regional Municipality of Clarington
Municipality, 40 Temperance St.
of Burnam Bowmanvil-le, ON
Finance L 1 C"3A6
Department
Durham Tower Dear Patti:
60 Bond St.West
P.O.Box 61$
Oshawa;Ontario. Re: Region of Durham Debenture.Issue #35,:dated November 1, 2001,
Canada L1 aBS in the amount of$8,100,000 (Municipality of Clarington's portion)
(905)571-3311
Fax:(965)571-7460
R.J.Clapp,CA We are-in the final stages of completing the arrangements for Regional,
Treasurer and Debenture:Issue #35 which closes November 1, 2001.
Commissioner of
Finance
In this regard, enclosed is a Declaration and Certificate which are required
at the debenture issue closing,
The "bring forward" certificate is to be signed by you on the date which the
declaration is made. The Fiscal Solicitor has confirmed that if there are
''any changes to the statements contained in the Declaration, the
Certificate will be returned to you prior to the debenture issue closing on
November 1, 2001.
Please complete and notarize the Declaration and the Certificate and
return to me prior to October 30, 2001.
Do:not hesitate to.contact me.if you require additional information or need
assistance in order,to complete the forms.
Thank you for your assistance. l
Yours truly,
ORI
Patricia McNeil
General Accounting - - ...
Encl. f MG\PM\clarington35 ; _....-..
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100%Post Consumer
THE REGIONAL MUNICIPALITY OF DURHAM -
BY-LAW NUMBER 71-2001
A By-law to authorize the issue of ten year instalment debentures in the
principal amount of$8,100,000 for a purpose of The Corporation of the
Municipality of Clarington ($2,378,000 of which may be raised by the
issue of refunding debentures in the final year of maturity)
WHEREAS the Council of The Regional Municipality of Durham (the"Regional
Corporation") has received a request from The Corporation of the Municipality of Clarington to
borrow money for the purpose specified in Column l of Schedule"A" attached hereto
("Schedule "A"") and to issue debentures for such purpose in the amount specified in Column 6
of Schedule"A";
AND WHEREAS for the purpose set out in Column 1 of Schedule"A",before
the Council of The Corporation of the Municipality of Clarington authorized such purpose, the
Council had its Treasurer update its most recent annual debt and financial obligation limit
determined by the Ministry of Municipal Affairs and Housing and the Treasurer, in accordance
with the applicable regulation, determined that the estimated annual amount payable in respect of
such purpose would not cause The Corporation of the Municipality of Clarington to exceed its
updated limit with the result that the Council of The Corporation of the Municipality of
Clarington authorized such purpose without the approval of the Ontario Municipal Board;
AND WHEREAS the Regional Municipalities Act, R.S.O. 1990, c.R.8, as
amended (the "Regional Act") provides in clause (a) of Subsection 116(7) that the Regional
Council may by by-law, authorize the borrowing of money by the issue of instalment debentures,
the last instalment of which shall mature not earlier than five years after the date upon which
they are issued, and a specified sum of principal payable thereunder in the final year shall be
raised by the issue of refunding debentures as provided in clause (b), and it shall not be necessary
to raise by special rate in the year of maturity of the debentures to be refunded an amount equal
to the specified principal amount of the debentures which are being refunded; and clause(b) of
Subsection 116(7)provides that the Regional Council may by by-law, authorize the issue of
debentures to refund at maturity outstanding debentures of the municipality,but the refunding
debentures shall be payable within the maximum period of years that was authorized by the
Regional Council for the repayment of the debt for which debentures were issued, commencing
on the date the original debentures were issued;
AND WHEREAS to pay part of the cost of the said purpose the Council of the
Regional Corporation considers it necessary,to realize the sum presently required for such
purpose, to borrow money by the issue and sale of ten year instalment debentures of the Regional
Corporation in the principal amount of$8,100,000 payable at the time and bearing interest at the
rates hereinafter set out,which is the amount of debt intended to be created by this By-law.
NOW THEREFORE, BE IT ENACTED AND IT IS HEREBY ENACTED as a
By-law of The Regional Municipality of Durham by the Council thereof as follows:
1. That for the purpose aforesaid money shall be borrowed upon the credit of the Regional
Corporation by the issuance and sale of ten year instalment debentures of the Regional
Corporation in the principal amount of$8,100,000 dated the 1St day of November, 2001. The
said debentures shall be issued within two years after the date on which this By-law is enacted
and as to both principal and interest shall be expressed and be payable in lawful money of
Canada. The term of years of the debentures issued in respect of the purpose shown in Column 1
of Schedule"A"is set forth in Column 7 opposite the principal amount of debentures to be
issued for such purpose as set forth in Column 6.
2. That the Chair and the Treasurer of the Regional Corporation are hereby authorized to
cause any number of instalment debentures to be made for such sums of money as may be
required for the purpose aforesaid, in global and definitive forms not exceeding in total the said
sum of$8,100,000 (the"said debentures") and the said debentures shall be sealed and signed in
accordance with the provisions of the Regional Act. The said debentures shall initially be issued
in global fully registered form as part of one certificate in the aggregate principal amount of
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$14,259,500 (which will include the said debentures) in the name of CDS & CO. as nominee of
The Canadian Depository for Securities Limited("CDS")with provision for payment of
principal and interest by cheque sent through the post to the registered address of the registered
holder or, if authorized in writing, by electronic transfer(the "Global Debenture").
3. That the said debentures shall mature during a period of ten years from the date thereof
and the respective amounts of principal and interest payable in each of the years in such period
shall be as set forth in Schedule`B" attached hereto ("Schedule`B""). The said debentures (and
in the case of the Global Debenture which relates to the said debentures,the annual amount of
principal payable in respect of the said debentures thereunder) shall bear interest from the date
thereof, which interest shall be payable semi-annually on May 1 and November 1 in each year of
their currency at the respective rate per annum set out opposite such year namely:
Year of Maturity Rate of Interest Year of Maturity Rate of Interest
Princi al Payment) (Principal Payment)
2002 3.000% 2007 5.125%
2003 3.500% 2008 5.250%
2004 4.000% 2009 5.500%
2005 4.500% 2010 15.625%
2006 4.750% 2011 15.750%
Of the said debentures, debentures in the aggregate principal amount of$5,722,000 (the
"Instalment Debentures") shall mature (in the case of the Global Debenture, the principal
payable in respect of the Instalment Debentures thereunder shall be paid) in ten instalments of
principal of varying amounts on the ls`day of November in each of the years 2002 to 2011,both
inclusive and no refunding debentures may be issued in respect thereof. Of the said debentures
which mature on November 1, 2011 in the amount of$3,085,000, the principal sum of
$2,378,000 payable thereunder, which constitutes a portion of the said debentures(the
"Refundable Debentures") may be raised by the issue of refunding debentures over a further
period not to exceed five years (fifteen years being the maximum authorized period of years for
the repayment of the debt for which the said debentures will be issued), as provided in
Subsection 116(7)(b) of the Regional Act and upon such terms not contrary thereto as shall be
determined by the Council of the Regional Corporation (in consultation with The Corporation of
the Municipality of Clarington). The Instalment Debentures and the Refundable Debentures are
hereinafter collectively referred to as the "said debentures".
4. That interest shall be payable to the date of maturity of the said debentures and on default
shall be payable both before and after default and judgment. Any amounts payable by the
Regional Corporation as interest on overdue principal or interest in respect of the said debentures
shall be paid out of current revenue.
5. That in limited circumstances(as set out in the letter of representations referred to below)
the Global Debenture shall be exchangeable for debentures in definitive fully registered form in
denominations of$1,000 and any multiples thereof upon surrender of the Global Debenture to
the Treasurer provided that there is at least one definitive debenture which matures in each of the
remaining years of the currency of the Global Debenture as it relates to the said debentures. The
definitive debentures in respect of the said debentures shall aggregate the same principal amount
as the principal outstanding balance of the Global Debenture which relates to the said debentures
as at the date of exchange, shall bear the same interest rates and maturity dates, shall bear all
unmatured interest obligations and shall be the same substantially in every respect to the Global
Debenture as it relates to the said debentures. In issuing definitive debentures no change shall be
made in the amount which would otherwise be payable in each year in respect of the said
debentures under the Global Debenture. The definitive debentures shall be in fully registered
form payable as to principal on or after maturity at any specified branch of the bank designated
therein with provision for payment of interest by cheque sent through the post to the registered
addresses of the registered Holders or, if authorized in writing,by electronic transfer.
6. That there shall be raised in each year of the currency of the said debentures, by special
levies,the yearly amount of principal and interest set out in the Column headed"Total Payment"
in Schedule`B"provided that it shall not be necessary in the year 2011 to raise, by special
levies, the amount of the Refundable Debentures to the extent that such amount may be raised by
the issue of refunding debentures in accordance with the Regional Act, this By-law and the terms
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which shall be determined by the Council of the Regional Corporation(in consultation with The
Corporation of the Municipality of Clarington). Subject to the foregoing, in each year during the
currency of the said debentures, for the purpose set out in Column 1 of Schedule"A", the
aforesaid yearly amount is hereby levied against The Corporation of the Municipality of
Clarington and such corporation shall pay to the Regional Corporation on or before the
respective due dates,the yearly amount hereby levied against it for the payment of principal and
interest in respect of the said debentures including without limitation and subject to the
foregoing, the amounts payable in the year 2011 for instalments of principal and interest in
respect of the Refundable Debentures.
7. That upon at least 30 days written notice to the Treasurer of the Regional Corporation,
one or more of the definitive debentures issued in respect of the said debentures, may be
exchanged at the office of the Treasurer, for a debenture or debentures of an equal aggregate
principal amount of any authorized denomination or denominations bearing the same rate of
interest, maturing on the same date and bearing all uninatured interest obligations of the
definitive debenture or definitive debentures so exchanged. The Regional Corporation shall not
be required to make any exchanges, registrations or transfers of definitive debentures within 30
days prior to an interest payment date. The costs of all such exchanges, including printing of the
new denominations of debentures, may be charged to the registered holder at the option of the
Regional Corporation.
8. (a) That subject to Section 2 of this By-law the Treasurer is hereby authorized to
cause the said debentures to be sold at such price or prices as he may determine,
to enter into a letter of representations with CDS and generally to do all things
and execute all documents and other papers in the name of the Regional
Corporation in order to carry out the sale of the said debentures and the Treasurer
is authorized to affix the Seal of the Regional Corporation to any of such
documents and papers.
(b) That the proceeds of the sale of the said debentures, after providing for the
discount, if any, and the expenses of the negotiation and sale thereof, shall be
apportioned and applied for the purpose set forth in Schedule "A", and for no
other purpose except as permitted by the Regional Act.
9. That Schedules "A"and`B" are declared to be and to form part of this By-law.
BY-LAW read a first time this 24th day of October, 2001.
BY-LAW read a second time this 24th day of October, 2001.
BY-LAW read a third time and finally passed this 24th day of October, 2001.
Ro er Anderson, P. M. Ma ill,
Regional Chair Regional Clerk
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THE REGIONAL MUNICIPALITY OF DURHAM
Schedule "A" to By-law Number 71-2001
The Corporation of the Municipality of Clarington
1 2 3 4 5
Authorizing Report Previously Issued Current
Purpose By-law Report Number Date Debentures Debenture Issue
6 7
Amount Term
Construction of the Library Main Branch and 2001-126 TR-49-01 June 25, 2001 0 $8,100,000 10 years
expansion of the Muncipal Administration
Building located at Plan Grant Blk M Lot
129, now RP40R18882 Part 1, former
Township of Bowmanville, in the
Municipality of Clarington
MG\PM\scha Clarington
The Regional Municipality of Durham
Schedule "B" to By-law Number 71-2001
The Corporation of the Municipality of Clarington
Year Principal — Nov 1 _Interest— May 1 Interest— Nov 1 Total Payment
2002 472,000.00 205,987.50 205,987.50 883,975.00
2003 486,000.00 198,907.50 198,907.50 883,815.00
2004 503,000.00 190,402.50 190,402.50 883,805.00
2005 524,000.00 180,342.50 180,342.50 884,685.00
2006 548,000.00 168,552.50 168,552.50 885,105.00
2007 574,000.00 155,537.50 155,537.50 885,075.00
2008 603,000.00 140,828.75 140,828.75 884,657.50
2009 635,000.00 125,000.00 125,000.00 885,000.00
2010 670,000.00 107,537.50 107,537.50 885,075.00
2011 »3,085,000.00 88,693.75 88,693.75 3,262,387.50
$8,100,000.00 $1,561,790.00 $1,561,790.00 $11,223,580.00
$2,378,000 of which may be raised by the issue of refunding debentures over a further
period not to exceed five years.
MG\PM\SCHB darington
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