HomeMy WebLinkAbout2013-097 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2013-097
Being a By-Law to authorize the debenturing of approximately $6,400,000
Plus debenture costs to assist in the construction of the
Green Road and CPR Grade Separation
in the Municipality of Clarington.
WHEREAS Section 403 of the Municipal Act, 2001, S.O. 2001, 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 the Green Road and CPR Grade Separation;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved
Report COD-026-13 at its meeting of November 4, 2013, for the Green Road and CPR Grade
Separation;
WHEREAS the Director of Finance/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 the Green Road and CPR
Grade Separation, in the Municipality of Clarington;
2. THAT the sum of approximately$6,400,000, plus debenture costs, 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
future development charges.
BY-LAW passed in open session this 4"' day of November 2013.
i
r' Foster, Mayor
a B ie, Municipal Clerk