2007-086 Authorize the borrwing of $1,500,000.00 towards the cost of paving gravel roads
The Corporation of The Township of Oro-Medonte
BY-LAUV NUMBEf3 2007-0$6
A BY-LA~V OF TfiE CORPOF~ATIt7N OF THE TOWt~SFBIP OF
ORO-ME®OIVI'E TO Al1TFiOfiiZE THE B®RRO~/IfJG l1PON
AMORTIZfIVG ®EI3ENTl8FiE5 IN TFiE PRIfVCIPAL AMOIJPVT
OF $x,500,000.00 TOY/ARDS THE COST OF TFfE PACING
GRAY@L R®ADS
WHEREAS the Municipal Act, 2007, as amended (the `°Act") provides that a
municipality may incur a debt for municipal purposes, whether by borrowing money or in
any other way, and may issue debentures and prescribed financial instruments and enter
prescribed financial agreements for or in relation to the debt;
AND WHEREAS the Council of The Corporation of The Township of Oro-
Medonte (the "Municipality") has passed each By-law enumerated in column (1) of
Schedule "A" attached hereto and forming part of this By-law authorizing each project
described in column {2) of Schedule "A", and authorizing the entering into of a Financing
Agreement for the provision of temporary and long term borrowing from the Ontario
Infrastructure Projects Corporation ("OIPC") in respect of each project (the "Financing
Agreement"j and the Municipality desires to issue debentures for each project in the
respective amounts specified in column (5) of Schedule "A";
AND WHEREAS before authorizing each project the Municipality had its
Treasurer update its most recent annual debt and financial obligation limit received fram
the Ministry of Municipal Affairs and Housing in accordance with the applicable regulation
and, prior to authorizing each project, the Treasurer determined that the estimated annual
amount payable in respect of each project would not cause the Municipality to exceed the
updated limit and that the approval of each project by the Ontario Municipal Board was not
required;
AND WHEREAS the Municipality has submitted an application to QIPC for
long term borrowing through the issue of debentures to OIPC in respect of each project
(the "Application") and the Application has been approved;
AND WHEREAS to provide long term financing for each project and to repay
certain temporary advances in respect of each project made by OIPC pursuant to the
Financing Agreement dated effective as of June 25, 2007 (the "Advances"), it is now
expedient to issue amortizing debentures in the principal amount of $1,500,000.00 dated
October 01, 2007 and maturing on October 01, 2017 and payable in semi-annual
instalments of combined (blended) principal and interest on the 1st day of April and on the
1st day of October in each of the years 2008 to 2017, both inclusive on the terms
hereinafter set forth;
0307
1 of 15
AND WHEREAS on July 17, 2006, legislation was proclaimed into force
amalgamating the Ontario Strategic Infrastructure Financing Authority (OSIFA) and the
Ontario Infrastructure Projects Corporation continued under the name the Ontario
Infrastructure Projects Corporation (OIPC).
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE
TOWNSHIP OF ORO-MEDONTE ENACTS AS FOLLOWS:
1. For each project, the borrowing upon the credit of the Municipality of the principal
sum of $1,500,000.00 and the issue of amortizing debentures therefore upon the
credit of the Municipality to be repaid in semi-annual instalments of combined
(blended) principal and interest as hereinafter set forth, are hereby authorized.
2. The Mayor and the Treasurer of the Municipality are hereby authorized to cause
any number of amortizing debentures to be issued for such sums of money as
may be required for each project in definitive form, not exceeding in total the said
sum of $1,500,000.00 (the "Debentures"). The Debentures shall bear the
Municipality's municipal seal and the signatures of-the Mayor and the Treasurer
of the Municipality, all in accordance with the provisions of the Act. The
municipal seal of the Municipality and the signatures referred to in this section
may be printed, lithographed, engraved or otherwise mechanically reproduced.
The Debentures are sufficiently signed if they bear the required signatures and
each person signing has the authority to do so on the date he or she signs.
3. The Debentures shall be in fully registered form as one or more certificates in the
aggregate principal amount of $1,500,000.00, in the name of OIPC, or as OIPC
may otherwise direct, substantially in the form attached as Schedule "B" hereto
and forming part of this By-law with provision for payment of principal and
interest (other than in respect of the Tina! payment of principal and outstanding
interest on maturity upon presentation and surrender) by pre-authorized debit in
respect of such principal and interest to the credit of such registered holder on
such terms as to which the registered holder and the Municipality may agree.
4. In accordance with the provisions of section 18 of the Ontario tnfrastructure
Projects Corporation Act, 2006 as security for the payment by the Municipality of
the indebtedness of the Municipality to OIPC under the Debentures (the
"Obligations"), the Municipality is hereby authorized to agree in writing with OIPC
that the Minister of Finance is entitled, without notice to the Municipality, to
deduct from money appropriated by the Legislative Assembly of Ontario for
payment to the Municipality, or from money appropriated by such Assembly for
payment to the Municipality in respect of such matters as may be specified,
amounts not exceeding the amounts that the Municipality fails to pay to OIPC on
account of the Obligations and to pay such amounts to OIPC.
5. The Debentures shall all be dated the 1st day of October, 2007 and shall be
issued within two years after the day on which this By-law is enacted, and as to
both principal and interest shall be expressed and be payable in lawful money of
tot 15
Canada. The Debentures shall bear interest at the rate of 4.96% and mature
during a period of 10 years from the date thereof payable semi-annually in
arrears as described in this section. The Debentures shall be paid in full by
October 01, 2017 and payable in semi-annual instalments of combined (blended)
principal and interest on the 1st day of April and on the 1st of October in each of
the years 2008 to 2017, both inclusive, in such period shall be as set forth in
Schedule "C" attached hereto and forming part of this By-law ("Schedule "C").
6. Payments in respect of principal of and interest on the Debentures shall be made
only on a day on which banking institutions in Toronto, Ontario, are not
authorized or obligated by law or executive artier to be closed (a "Toronto
Business Day") and if any date for payment is not a Toronto Business Day,
payment shall be made on the next following Toronto Business Day.
7. Interest shall be payable to the date of maturity of the Debentures and on default
shall be payable on any overdue amounts both before and after default and
judgment at a rate per annum equal to the greater of the rate specified on the
Schedule as attached to and forming part of the Debentures for such amounts
plus 200 basis points or Prime Rate (as defined below) plus 200 basis points,
calculated on a daily basis from the date such amounts become. overdue for so
long as such amounts remain overdue and the Municipality shall pay to the
registered holders any and all costs incurred by the registered holders as a result
of the overdue payment. Any amounts payable by the Municipality as interest on
overdue principal or interest and all costs incurred by the registered holders as a
result of the overdue payment in respect of the Debentures shall be paid out of
current revenue. Whenever it is necessary to compute any amount of interest in
respect of the Debentures for a period of less than one full year, other than with
respect to regular semi-annual interest payments, such interest shall be
calculated on the basis of the actual number of days in the period and a year of
365 or 366 days as appropriate.
"Prune Rate" means, on any day, the annual rate of interest which is the
arithmetic mean of the prime rates annaunced from time to time by the five major
Canadian Schedule I banks, as of the issue date of this Debenture, Royal Bank
of Canada, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia,
Bank of Montreal and The Toronto-Dominion Bank (the "Reference Banks"} as
their reference rates in effect on such day for Canadian dollar commercial loans
made in Canada. If fewer than five of the Reference Banks quote a prime rate on
such days, the."Prime Rate" shall be the arithmetic mean of the rates quoted by
the remaining Reference Banks.
8. Each year in which a payment of an instalment of combined (blended) principal
and interest becomes due, there shall be raised as part of the general levy the
amounts of principal and interest payable in each year as set out in Schedule "C"
to the extent that the amounts have not been provided for by any other available
source including other taxes or fees or charges imposed on persons or property
by a By-law of any municipality.
0307 3 of 15
9. The Debentures may contain any provision for their registration thereof
authorized by any statute relating to municipal debentures in force at the time of
the issue thereof.
10. The Municipality shall maintain a registry in respect of the Debentures in which
shall be recorded the names and the addresses of the registered holders and
particulars of the Debentures held by them respectively and in which particulars
of the cancellation, exchanges, substitutions and transfers of Debentures, may
be recorded and the Municipality is authorized to use electronic, magnetic or
other media for records of or related to the Debentures or for copies of them.
11. The Municipality shall not be bound to see to the execution of any trust affecting
the ownership of any Debenture or be affected by notice of any equity that may
be subsisting in respect thereof. The Municipality shall deem and treat registered
holders of Debentures as the absolute owners thereof for all purposes
whatsoever notwithstanding any notice to the contrary and all payments to or to
the order of registered holders shall be valid and effectual to discharge the
liability of the Municipality on the Debentures to the extent of the sum or sums so
paid. Where a Debenture is registered in more than one name, the principal of
and interest from time to time payab.Ie on such Debenture shall. be paid to or to
the order of all the joint registered holders thereof, failing written instructions to
the contrary from all such joint registered holders, and such payment shall
constitute a valid discharge to the Municipality. In the case of the death of one or
more joint registered holders, despite the foregaing provisions of this section, the
principal of and interest on any Debentures registered in their names may be
paid to the survivor or survivors of such holders and such payment shall
constitute a valid discharge to the Municipality.
12. The Debentures wilt be transferable or exchangeable at the office of the
Treasurer of the Municipality upon presentation for such purpose accompanied
by an instrument of transfer or exchange in a form approved by the Municipality
and which form is in accordance with the prevailing Canadian 4ransfer legislation
and practices, executed by the registered holder thereof or such holder's duly
authorized attorney ®r legal personal representative, whereupon and upon
registration of such transfer or exchange and cancellation of the Debenture or
Debentures presented, the Mayor and the Treasurer shall issue and deliver a
new Debenture or Debentures of an equaB aggregate principal amount in any
authorized denomination or denominations as directed by the transferee, in the
case of a transfer or as directed by the registered holder in the case of an
exchange.
13. The Mayor and the Treasurer shall issue and deliver new Debentures in
exchange or substitution for Debentures outstanding on the registry with the
same maturity and of like form which have become lost, stolen, mutilated,
defaced or destroyed, provided that the applicant therefore shall have: (a) paid
such costs as may have been incurred in connection therewith; {b) (in the case of
a lost, stolen or destroyed Debenture) furnished the Municipality with such
aso~
R of 15
evidence (including evidence as to the certificate number of the Debenture in
question) and indemnity in respect thereof satisfactory to the Municipality in its
discretion; and (c) surrendered to the Municipality any mutilated or defaced
Debentures in respect of which new Debentures are to be issued in substitution.
14. The Debentures issued upon any registration of transfer or exchange or in
substitution for any Debentures or part thereof shall carry all the rights to interest
if any, accrued and unpaid which were carried by such Debentures or part
thereof and shall be so dated and shall bear the same maturity date and, subject
to the provisions of this By-law, shall be subject to the same terms and conditions
as the Debentures in respect of which the transfer, exchange or substitution is
effected.
15. The cost of all transfers and exchanges, including the printing of authorized
denominations of the new Debentures, shall be borne by the Municipality. When
any of the Debentures are surrendered for transfer or exchange the Treasurer of
the Municipality shall: (a) in the case of an exchange, cancel and destroy the
Debentures surrendered for exchange; (b) in the case of an exchange, certify the
cancellation and destruction in the registry; and (c) enter in the registry particulars
of the new Debenture or Debentures issued in exchange.
16. Reasonable fees for the substitution of a new Debenture or new Debentures for
any of the Debentures that are lost, stolen, mutilated, defaced or destroyed anri
for 4he replacemen4 of lost, stolen, mutilated, defaced or destroyed principal and
interest cheques may be imposed by the Municipality. Where new Debentures
are issued in substitution in these circumstances the Municipality shall: (a) treat
as cancelled and destroyed the Debentures in respect of which new Debentures
will be issued in substitution; (b} certify the deemed cancellation and destruction
in the registry; (c) enter in the registry particulars of the new Debentures issued in
substitution; and (d) make a notation of any indemnities provided.
17. Except as otherwise expressly provided herein, any notice required to be given to
a registered holder of one or more of the Debentures will be sufficiently given if a
Dopy of such notice is mailed or otherwise delivered to the registered address of
such registered holder.
18. The Mayor and the Treasurer are hereby authorized to cause the Debentures to
be issued, the Clerk and Treasurer are individually hereby authorized to generally
do all things and to execute all documents and other papers in the name of the
Municipality in order to carry out the issue of the Debentures and the Treasurer is
authorized to affix the Municipality's municipal seal to any of such documents and
papers.
19. The proceeds realized in respect of the Debentures, after providing for the
expenses related 4o their issue, if any, shall be apportioned and applied to each
project and for no other purpose except as permitted by the Act.
0307 5 of 15
20. Subject to the Municipality's investment policies and goals, the applicable
legislation and the terms and conditions of the Debentures, the Municipaiity may,
if not in default under the Debentures, at any time purchase any of the
Debentures in the open market or by tender or by private contract at any price
and on such terms and conditions (including, without limitation, the manner by
which any tender offer may be communicated or accepted and the persons to
whom it may be addressed} as the Municipality may in its discretion determine.
21. 'Phis By-law takes effect on the day of passing.
i3y-law read a first and second time this 12th day of September, 2007
i3y-law read a third time and finally passed this 12th day of September, 2007
,~ ~
D ug Irwin,~l rk -----~^
0307
6 of 75
TFIE ~~RP013AT1®N ®~ THE TQyVNShIBP ®F F3®-M~®~IVTE
schedule 6609 t® y°IRA®O iVurnber ~®®d°®®~
13y-law
2007-49
Approved
Arnount to be Arrrount of
Protect
~ingnced
®ebentures Amount of Terra of
®escription
Through the
Previously Ilebentures to 9°ears of
Issue of
Bssued be Issued f3ebenture;
f~ebentures
paving gravel
roads $2,000,000.00 $0.00 $1,500,000.00 10
0307
7 of t5
CANADA
Province of Ontario
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE.
FULLY REGISTERED 4.96% AMORTIZING DEBENTURE
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE, for ualue received,
hereby promises to pay to
ONTARIO INFRASTRUCTURE PROJECTS CORPORATION
or registered assigns, subject to the Conditions attached hereto which form part hereof
(the "Conditions"), upon presentation and surrender of this debenture by the maturity date
of this debenture (October 01, 2017), the principal sum of
ONE MILLION, FIVE HUNDRED THOUSAND DOLLARS
___________________________________ ($1,500,000.00) --_______________________________
by semi-annual instalments of combined (blended) principal and interest on the 1st day of
April and on the 1st day of October in each of 4he years 2008 to 2017, both inclusive, in the
amounts set forth in the attached Amortizing Schedule (the "Schedule") and subject to late
payment interest charges pursuant to the Conditions, in lawful money of Canada. Interest
shall be paid until the maturity date of this debenture, in like money in semi-annual
payments from the 1st day of October, 2007, or from the last date on which interest has
been paid on this debenture, whichever is later, at the rate of 4.96% per annum, in arrears,
on the specified dates, as set forth in the Schedule, in the manner provided in the
Conditions. Interest shall be paid on default at the applicable rate set out in the Conditions
both before and after default and judgment. The applicable rate of interest, the payments of
principal and interest and the principal balance outstanding in each year are shown in the
Schedule.
The Municipality, pursuant to section 18 of the Ontario Infrastructure Projects Corporation
Act, 2006, (the "OIPC Act, 2006") hereby irrevocably agrees that the Minister of Finance is
entitled, without notice to the Municipality, to deduct from money appropriated by the
Legislative Assembly of Ontario for payment to the Municipality, or from money
appropriated by such Assembly for payment to the Municipality in respect of such matters
as may be specified, amounts not exceeding any amounts that the Municipality fails to pay
0307 8 of 15
to OIPC on account of the indebtedness evidenced by this debenture, and to pay such
amounts to OIPC.
This debenture is subject to the Conditions.
DATED at The Township of Oro-Medonte the 1st day of October, 2007
IN TESTIMONY WHEREOF and under the authority of By-law Number 2007-086 of the
Municipality duly passed on the 12th day of September, 2007 (the "By-law"), this
debenture is sealed with 4he municipal seal of the Municipality and signed by the Mayor
and by 4he Treasurer thereof.
(Seal)
Paul Gravelle, Treasurer
OIPC hereby agrees that the Minister of Finance is entitled to exercise certain rights of deduction
pursuant to section 78 of the OIPC Act, 2006 as described in this debenture.
Ontario Infrastructure Projects Corporation
by:
Authorized Signing Officer
LEGAL OPINION
We have examined By-law Number 2007-086 (the "By-law") of The Corporation
of The Township of Oro-Medonte (the "Municipality") authorizing the issue of
amortizing debentures in the principal amount of $1,500,000.00 dated October
01, 2007 and maturing on October 01, 2017 and payable in semi-annual
instalments of combined {blended) principal and interest on the 1 st day of April
and on the 1 st day of October in each of the years 2008 to 2017, both inclusive.
In our opinion, the By-law has been properly passed and is within the legal
powers of the Municipality. The debenture issued under the By-law in the within
form (the "Debenture"} is the direct, unsecured and unsubordinated obligation of
the Municipality. The Debenture is enforceable against the Municipality subject
sot7s
to the special jurisdiction and powers of the Ontario Municipal Board over
defaulting municipalities under the Municipal Affairs Act. This opinion is subject
to and incorporates all the assumptions, qualifications and limitations set out in
our apinion letter.
October 01, 2007
Aird ~ Berlis LLP
0307 10 of i5
CONDITIONS OF THE DEBENTURE
Form, Denoresination, and Ranking of the ®ebenture
The debentures issued pursuant to the By-law (collectively the "Debentures'° and
individually a "Debenture") are issuable as fully registered Debentures without
coupons.
The Debentures are direct, unsecured and unsubordinated obligations of the
Municipality. The Debentures rank concurrently and equally in respect of payment
of principal and interest with all other debentures of the Municipality except for the
availability of money in a sinking or retirement fund for a particular issue of
debentures.
3. This Debenture is one fully registered Debenture registered in the name of OIPC
and held by OIPC.
Registration
4. The Municipality shall maintain at its designated office a registry in respect of the
Debentures in which shall be recorded the names and the addresses of the
registered holders and particulars of the Debentures held by them respectively and
in which particulars of the cancellation, exchanges, substitutions and transfers of
Debentures, may be recorded and the Municipality is authorized to use electronic,
magnetic or other media for records of or related to the Debentures or for copies of
them,
Title
5. The Municipality shall not be bound to see to the execution of any trust affecting the
ownership of any Debenture or be affected by notice of any equity that may be
subsisting in respect thereof. The Municipality shall deem and treat registered
holders of Debentures, including this Debenture, as the absolute owners thereof far
all purposes whatsoever notwithstanding any notice to the contrary and all
payments to or to the order of registered holders shall be valid and effectual to
discharge the liability of the Municipality on the Debentures to the extent of the sum
or sums so paid. Where a Debenture is registered in,more than one name, the
principal of and interest from 4ime to time payable on such Debenture shall be paid
to or to the order of all the joint registered holders thereof, failing written instructions
to the contrary from all such joint registered holders, and such payment shall
constitute a valid discharge to the Municipality. In the case of the death of one or
more joint registered holders, despite the foregoing provisions of this section, the
principal of and interest on any Debentures registered in their names may be paid to
0307
11 of 15
the survivor or survivors of such holders and such payment shall constitute a valid
discharge to the Municipality.
Payments of Princw~aal and Interest
6. The record date for purposes of payment of principal of and interest on the
Debentures is as of 5:00 p.m. on the sixteenth calendar day preceding any Payment
Date including the maturity date. Principal of and interest on the Debentures are
payable by the Municipality to the persons registered as holders in the registry on
the relevant record date. The Municipality shall not be required to register any
transfer, exchange or substitution of Debentures during the period from any record
date to the corresponding Payment Date.
7. The Municipality shall make all payments in respect of semi-annual instalments of
combined (blended} principal and interest on the Debentures on each Payment
Date commencing on April 01, 2008 (other than in respect of the final payment of
principal and outstanding interest on the final maturity date upon presentation and
surrender of this Debenture), by pre-authorized debit in respect of such interest and
principal to the credit of the registered holder on such terms as the Municipality and
the registered holder may agree.
8. The Municipality shall pay to the registered holder interest on any overdue amount
of principal or interest in respect of any Debenture, both before and after default and
judgment, at a rate per annum equal to the greater of the rate specified on the
Schedule as attached to and forming part of the Debenture for such amount plus
200 basis points or Prime Hate (as defined below) plus 200 basis points, calculated
on a daily basis from the date such amount becomes overdue for so long as such
amount remains overdue and the Municipality shall pay to the registered holder any
and all costs incurred by the registered holder as a result of the overdue payment.
9. Whenever it is necessary to compute any amoun4 of interest in respect of the
Debentures for a period of less than one full year, other than with respect to regular
semi-annual interest payments, such interest shall be calculated on the basis of the
actual number of days in the period and a year of 365 days.
10. Payments in respect of principal of and interest on the Debentures shall be made
only on a day an which banking institutions in Toronto, Ontario, are not authorized
or obligated by law or executive order to be closed (a "Toronto Business Day"), and
if any date for payment is not a Toronto Business Day, payment shall be made on
4he next following Toronto Business Day as noted on the Schedule.
11. The Debentures are transferable or exchangeable at the office of the Treasurer of
the Municipality upon presentation for such purpose accompanied by an instrument
of transfer or exchange in a form approved by the Municipality and which form is in
accordance with the prevailing Canadian transfer legislation and practices,
executed by the registered holder thereof or such holder's duly authorized attorney
or legal personal representative, whereupon and upon registration of such transfer
0307
12 of 75
or exchange and cancellation of the Debenture or Debentures presented, a new
Debenture ar Debentures of an equal aggregate principal amount in any authorized
denomination or denominations will be delivered as directed by the transferee, in
the case of a transfer or as directed by the registered holder in the case of an
exchange.
12. The Municipality shall issue and deliver new Debentures in exchange or substitution
for Debentures outstanding on the registry with the same maturity and of like form
which have become lost, stolen, mutilated, defaced or destroyed, provided that the
applicant therefore shall have: (a) paid such costs as may have been incurred in
connection therewith; (b) (in the case of a lost, stolen or destroyed Debenture)
furnished the Municipality with such evidence (including evidence as to the
certificate number of the Debenture in question) and indemnity in respect thereof
satisfactory to the Municipality in its discretion; and (c) surrendered to the
Municipality any mutilated or defaced Debentures in respect of which new
Debentures are to be issued in substitution.
13. The Debentures issued upon any registration of transfer or exchange or in
substitution for any Debentures or part thereof shall carry all the rights to interest if
any, accrued and unpaid which were carried by such Debentures or part thereof
and shall be so dated and shall bear the same maturity date and, subject to the
provisions of the By-law, shall be subject to the same terms and conditions as the
Debentures in respect of which the transfer, exchange or substitution is effected.
14. The cost of all transfers and exchanges, including the printing of authorized
denominations of the new Debentures, shall be borne by the Municipality. When
any of the Debentures are surrendered for transfer or exchange the Treasurer of the
Municipality shall: (a) in the case of an exchange, cancel and destroy the
Debentures surrendered for exchange; (b) in the case of an exchange, certify the
cancellation and destruction in the registry; and (c) enter in the registry particulars of
the new Debenture or Debentures issued in exchange.
15. Reasonable fees far the substitution of a new Debenture or new Debentures for any
of the Debentures that are lost, stolen, mutilated, defaced or destroyed and far the
replacement of lost, stolen, mutilated, defaced or destroyed principal and interest
cheques may be imposed by the Municipality. Where new Debentures are issued in
substitution in these circumstances the Municipality shall: (a) treat as cancelled and
destroyed the Debentures in respect of which new Debentures will be issued in
substitution; (b) certify the deemed cancellation and destruction in the registry; (c)
enter in the registry particulars of the new Debentures issued in substitution; and (d)
make a notation of any indemnities provided.
Notices
1B. Except as otherwise expressly provided herein, any notice required to be given to a
registered holder of one or more of the Debentures will be sufficiently given if a copy
oao~
73 of 75
of such notice is mailed or otherwise delivered to the registered address of such
registered holder. If the Municipality or any registered holder is required to give any
notice in connection with the Debentures on or before any day and that day is not a
Toronto Business Day (as defined in section 10 of these Conditions) then such
notice may be given on the next following Toronto Business Day.
Time
17. Unless otherwise expressly provided herein, any reference herein to a time shall be
considered 4o be a reference to Toronto time.
Governinw Law
18. The Debentures are governed by and shall tie construed in accordance with the
laws of the Province of Ontario and the federal laws of Canada applicable in
Ontario.
®efinitions:
(a) "Prime Rate" means, on any day, the annual rate of interest which is the arithmetic
mean of the prime rates announced from 4ime to time by the five major Canadian
Schedule 1 banks, as of the issue date of this Debenture, Royal Bank of Canada,
Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, Bank of Montreal
and The Toronto-Dominion Bank (the "Reference Banks") as their reference rates
in effect on such day for Canadian dollar commercial loans made in Canada. If
fewer than five of the Reference Banks quote a prime rate on such days, the "Prime
Rate" shalt be the arithmetic mean of the rates quoted by the remaining Reference
Banks.
0307
14 of 75
`THE C®RP®RAl"!~P! ~F THE T®VVNSHIP ~F ®R®-AflE~®NTE
~chedul~ "~„ t® y~laac Ntatyeber 2®07~®86
Amortizing ()ebenture ~dtedule
Organization Mame:
Principal Amount 1$j:
Annual tntcrest RaM (w l:
Loan Tenn (Years):
Debenture Date {mJd/yyyy):
Maturity Date 9mtdfyyyy):
PaymenP Frequency:
Loan Bype:
The Township of Oro-Medante
89,900,00@.Q0
4,9696
90
9 019 74 0 0 7
90/412097
SemiAnnual
Amort¢e
4792(ta6 S96A39.W 558,839.00 537 x.00 $7,449,1!19 UO
tmi201~ 596,039.00 $60,296.29 $35,740.79 $9,360,&'1279
4!1!2009 596,039.00 ~1,793.~ $34,245.40 $9,399,069.19
70172009 5,039.00 563,326.08 $32,77292 $1,255,743.71
4112010 596039.00 564,896.57 539,14243 57,990,84654
90!92010 S*.~,039.00 566,506.01 $29,53299 57,924,340.53
4!1!2617 5,039.00 _ 568,75535 527,883.65 $1,056,185.18
961'.!2699 596,039.00 569,845.61 $26,993.39 $966,339.57
412!2012 596.039.00 577,577.78 524,461.22 $974,769.79
9071YZ072 596039.00 ST3,352.99 $22,606.09 $841,408.86
4!12093 596,039.00 575,772.06 $20,866.94 $766,236.82
9011Y2013 596.039.00 577,036.33 $99,00267 5609,200.49
4/12094 596,039.E 578,946.83 $97,092.97 $610,253.6fi
90/12014 596,039.00 58(1,904.79 515,734.29 $529,34895
4H2015 598,039.00 582,971.95 593,927.85 5446,43780
7(.Mit2015 596,039.1m 384.967.34 5!1,071.66 $361,47046
4l924)16 596,039.W 387,074.53 $8;964.47 5274,395.93
9(7(3!2016 5~,039.W X9,233.98 $6,1#ISA2 5185,161.95
4132017 596,039.OD 591,446.99 $4,59202 593,794,97
902!2017 596,039.70 593.794.97 $2,324.13 50.00
0307 15 of 15