HomeMy WebLinkAboutTR-57-86 TOWN OF NEWCASTLE
t REPORT File #At ./ >/
Res. #
By-Law #
MEETING: Council Meeting
HANDOUT
DATE: JULY 142 1986
REPORT #: TR-57-86 FILE #:
S[JB,ECT: BY-LAW AUTHORIZING CONSTRUCTION OF A NEW
ADMINISTRATIVE CENTRE & THE ISSUING OF
DEBENTURES
RECOMMENDATIONS:
It is respectfully recommended that Council approve the following:
1 . That report TR-57-86 be received; and
2. That the attached By-law to authorize the expenditure of
$5,000,000 for the construction of a new administrative centre
and the issuing of debentures in the amount of $2,500,000 be
approved and forwarded to the Ontario Municipal Board for
approval .
BACKGROUND AND COMMENT
Section 64 of the Ontario Municipal Board Act states that a municipality
may not authorize, or exercise any of its powers to proceed with, or
provide any monies for, any undertaking of which the cost or any portion of
the cost is to be raised in a year or years subsequent to the term for
which the council then in office was elected, or is to be provided by the
issue of debentures, without first obtaining the Board's approval .
In order to conform with the O.M.B. regulations, staff herewith submit the
by- law for Council 's approval .
Respectfully submitted,
J .R. Blanchard, .
Treasurer. !,%
ATTACH:
The Corporation of the Town of Newcastle
By- law Number 86-
Being a by- law to authorize the debenturing
of $2,500,000 to assist in the construction of
a new administrative centre in the Bowmanville
Urban Area of the Town of Newcastle
Whereas, Section 123 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 construction to proceed on a new administrative centre for
municipal operations;
Now therefore, the Council of the Corporation of the Town of
Newcastle, pursuant to Section 123 of the Municipal Act R.S.O. 1980
Enact As Follows:
1 . That the Town proceed with the construction of a new
administrative centre for municipal operations located in the
Bowmanville Urban Area within the Town of Newcastle;
2. That the estimated costs of the construction in the amount of
$5,000,000 be financed as follows:
a) That the sum of $2,500,000 be debentured over a period not
to exceed fifteen (15) years
b) That the sum of $2,500,000 be funded from Current Revenue
3. That the funds to repay the principal and interest of the
debentures be raised through a tax levy on the ratepayers.
4. That this by-law not take effect until approved by the Ontario
Municipal Board, prusuant to Section 64(1 ) of the Ontario
Municipal Board Act.
By- law read a first and second time this day of 1986.
By- law read a third time and finally passed this day of 1986.
Mayor
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