HomeMy WebLinkAboutTR-2-87 REPORT #5
TOWN OF NEWCASTLE
REPORT 0 File #
Res
By-Law #
MEETING: COUNCIL MEETING
DATE: February 9, 1987
REPORT FILE #:
SUB,JECT: BY-LAW AUTHORIZING CONSTRUCTION OF A NEW ARENA WITH
COMMUNITY HALL AND THE ISSUING OF DEBENTURES
RECOMMENDATIONS:
It is respectfully recommended that Council approve the following:
1. That report TR-2-87 be received; and
2. That the attached By-Law to authorize the expenditure of
approximately $5,000,000 for the construction of a new Arena
with Community Hall and the issuing of debentures in the amount
of $3,000,000, 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 and as directed by Resolution
#GPA-752-86 and subsequently ratified on September 2, 1986 by Resolution
#C-704-86, staff herewith submit the By-Law for Council's approval.
Respectfully submitted, Recommended for presentation
to Council,
-a(qr )K 'lotseff,
,7,�.R. Blanchard, L ence .
Treasurer. Chief A i i, trative Officer.
JRB/hjm
Attachment
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 87-
being a by-law to authorize the debenturing of
$3,000,000 to assist in the construction of a New Arena
and Community Hall located at
Lot 15, Concession 1, 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 purpose 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 Arena and Community Hall 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 Arena and Community
Hall for municipal operations located at Lot 15, Concession 1, of
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 $3,000,000 be debentured over a period not to exceed
fifteen (15) years
b) That the sum of $2.,000,000 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 approval. by the Ontario Municipal
Board, pursuant to Section 64(1) of the Ontario Municipal Board Act.
By-Law read a first and second time this day of 1987.
By-Law read a third time and finally passed this day of 1987.
Mayor
Clerk