HomeMy WebLinkAboutTR-76-96 THE CORPORATION OF THE MUNICIPALITY ?F CLARINGTON
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REPORT #2
REPORT
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Meeting: COUNCIL File# E 3 1�r
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Date: September 16, 1996
Res.
By-Law#
Report#: File#: f.
Subject:
COURTICE COMMUNITY COMPLEX FINANCING
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Recommendations:
It is respectfully recommended to Council the following:
1. THAT Report TR-76-96 be received;
2. THAT the attached By-Law (Schedule A) be approved;
3. THAT the attached By-Law be forwarded to the Region of Durham for inclusion in their
annual debenture requirements to be authorized at the September 18, 1996 meeting of Regional
Council; and
4. THAT upon completion of the Complex, interest be paid at the prevailing rates of interest
from the Development Charge Reserve Funds to those reserve funds that are providing interim
financing for the project until sufficient development charges are collected and the interim financing
is repaid to those reserve funds.
BACKGROUND AND COMMENT:
At the Council meeting of July 8, 1996, Council approved Report TR-64-96 and awarded Tender
CL96-4 (Re-Tender)for the construction of the Courtice Community Complex. Schedule A to TR-64-
96 indicated that a debenture would be required in the amount of $1,055,000 for a portion of the
library component of the complex. The attached By-Law is required in order to process this
debenture requirement through the Region of Durham.
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Schedule A to TR-64-96 also indicated that interim financing for a portion of the project was
required as the Development Charge Reserve Funds for Community Services and Library do not yet
have sufficient balances to finance the portion of the costs attributable to the Development Charges
Reserve Funds as approved in the Municipality's Development Charges Policy Report. As the
development charges are .collected and deposited to the Community Services and Library
Development Charges Reserve Funds, those reserve funds providing interim financing will be repaid
with applicable interest that would otherwise have been earned by those Reserve Funds.
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P APE�RR RECYCLE
DIG PR.MED -RECYCLED PAPER
TR-76-97 Page 2
The attached By-Law has been reviewed by the Region of Durham Finance Department as well as
the Municipality's solicitor. The required debenture amount will be included in the total Regional
debenture requirements to be considered by Regional Council on its meeting of September 18, 1996.
Respectively Submitted, Reviewed by,
arie A. Marano, H.BSc.,A.M.C.T. W.H. Stockwell,
Treasurer. Chief Administrative Officer
MAM/NT/pp
Schedule A
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 96-
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 from Current Revenue;
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.
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Mayor
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Clerk
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