2007-105 To Authoize the Borrowing Upon Amortizing Debentures in the Principal Amount of $1,500,000.00 towards the Cost of the Paving Gravel Roads
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°fIZIN I T I I a .° a
1,50®,®00.00 1° T° T F . ~
V {® 1 8® ®@m. ~a a ~wIW.
WHEREAS the Mcani~il Apt, 2001, as amended (the " ot91} provides that
a municipality may incur a debt for unicipal purposes, whether y borrowing money or
in any other way, and may issue debentures and prescribed financial instruments and
enter prescribed financial agreements for or in relation to the debt;
A WH REA the uni~°i~~e°$y has submitted an application to IP fop. ~~
long terra borrowing through the issue cf ~~ ~ ~tures to IPA in respect of each project ~~
(the " pplication49} and the Application hay b - a~n approved;
A WHEREAS on July e , ,~~0, legislation was pry c° ' '-":: force
~~
amalgamating the Ontario Strategic 1..rt. ~~_'re Financing Authority i ~' } ~1 ~"~
Ontario infrastructure Projects orpc~e_~: .continued under the nary, „a edri. ~I
Infrastructure Projects corporation ( IPA);
AN WHEREAS this y-iaw amends, restates and .
y-law 2007-0 relating to the same subject matter.
RIW THER F E THE ~1hJIL THE RPM ATIN F T~~r- ~~
T S IP -CIE NT NATS AS FALL WS:
I I
r~
0 aymonts in respect of principal of and interest on the oonturE
only on a day on which banking institutions in Toronto, ~ . of
authori~o or obligated y law or executive order to ba clor _ _ yrato
usinoss ~y„) and if any data for payment is not a Toro it_ ~yR
aya~ont shall be made on the next following Toronto usinos~ (~
The entures may captain any rvisi®n far their regis~. there:
autheri~e by any statute relating tca rrr~unicial debentures in fares ~ °° ° ti ne caf `~
the issue there®f. ~~
discretiony and (c) surrendered to the Municipality any mutilated ~r ~~ a f~
debentures in respect of which new debentures arc to e issued in sustieai:~e„
1 ~. Except as otherwise expressly provided hereiq any notice required to e e ~~. to
a registered holder of one or ere of the eentures will e sufficiently given '.. a
copy of such notice is mailed or tithe ise delivered to the registered address of
such registered holder.
21. This y®law takes effect on the day of passing,
y-law read a first and second time this 26th day of etemerP 2007,
-law read a third time and finally passed this 26th day of c;~~terner9 2007,
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chi tali " " t ®I u r ®105
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u punt
y®I r ! t ins
° nttar~~
Seri tin T r r viu~l
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nur
2007®4 vi 000
000,00
' X0.00
gravel reads 9
ant T°r
enter r
I~u enture
1,500,®00.00 B 0
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ul 66 " ®I u r ®1
e, 2007-105 X1,5, ),~ ,.x"60
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Prevince t~f ntaria
TF R®RATI T T RIIP -M NTH
Fl1LLY RCIT 6®/~ M TIIN Tl1
MILLI 9 I l1 °T AN LL
This debenture is subject to the eniti®ns,
T at The Tewnship of re-Meente the 1st day of steer, 200°7.
I T TiM RIY in/NI~~F and under the authority of y®law RJur~6er 2007-105 of the
Municipality duly passed ern the 26th day cif September, 2007 the y-1aw99), this
debenture is sealed with the municipal seal of the Municipality and signed y the aye~r
and y the Treasurer thereef.
tai ~ ref Pec~=.° r°°°tien: ctober 01, 2007
(deal) _ =~
,;~,, uhd~, May®r
Paul ra~elle, Treasurer
IPA hereby agrees that the Minister of Finance is entitled to exercise certain rights of
deduction pursuant to section 1 of the IP Act9 2006 as described in this debentured
Ontario Infrastructure Projects corporation
by:
Authorized signing fficer
LEGAL API I
This op°rnion is subject to and incorporates all the assumptions,
qualifications and limitations set out in our opinion letter.
~c'ober 01, 20Q7~
Aird ~ erlis LLP
CN ITI TF°I TIJ
er , n inatin, and n in_ the n r
1. The debentures issued pursuant to the y®law (coll~_tively the
" ebentures" and. individually a "ebenture") are is~~,..~ ~s fully
registered ®ebentures without coupons.
The ebentures are direst, unsecured and unsuorinated obligatic°ns of
the Municipality. The ebentures rank concurrently and equally in r -~ect
of payment of principal and interest with all other eentur _ ~ "~e
Municipality except for the availability of money in a sinking or refit ment
fund for a particular issue of debentures:
. This ebenture is one fully registered ebenture registered in the name of
IPA and held by IPA.
e_ iar tin
®.
® __m i ~ ~ m r®ncipal an Inter t
ebenture), y pre-authorised debit in respect of sudh interesfi and
principal to the credit of the registered holder on such terrr~s as the
Municipality and the registered holder may agree.
henever it is necessary to compute any amount of interest in respr~~~~
the ebentures for a period of less than one full year, of r than ~ ,,
respect to regular semi-annual interest payments, such it _. shall e
calculated on the basis of the actual number of days in the _ Brio and a
year of 365 days.
() in the case of an exchange, certify the cancellation ari c mrt in
the registry; and (c) enter in the registry particulars of the n~ w ~ ~_ ~Rure
or C~ebentures issued in exchanges
tic
Ti
17. Unless otherwise expressly provided erbin9 any reference n yin to a
time shall be considered to e a reference to Toronto tirneo
v rnir~
1 e The ebentures are governed by .and shall be construed in accordance
with the laws of the Province of ntario and the federal laws of Canada
applicable in ntario.
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1819 15 4, $11 ~71.6E9 1,47~a o
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