2008-093 authorize certain capital works of The Corporation of the Township of Oro-Medonte(The Municipality);THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 2008-093
A By-law to authorize certain capital works of The Corporation of the Township of
Oro-Medonte(The Municipality); to authorize the submission of an application to
the Ontario Infrastructure Projects Corporation (OIPC) for financing such capital
works; to authorize temporary borrowing from OIPC to meet expenditures in
connection with such works; and to authorize long term borrowing from OIPC for
such works through the issue of debentures
WHEREAS the Municipal Act, 2001, ( Ontario) S.O. 2001, c.25 as amended, (the Act)
provides that a municipal power shall be exercised by by-law unless the municipality is
specifically authorized to do otherwise;
AND WHEREAS it is now deemed to be expedient to authorize for the municipal
purposes of the Municipality the new capital works described in column(2) of Schedule
"A" (individually a "Project", collectively the "Projects") attached hereto and forming part
of this By-law ( Schedule "A") in the amount of the estimated expenditure set out in
column (3) of Schedule "A", subject in each case to approval by OIPC of the financing
for such Projects that will be requested by the Municipality in the Application as
hereinafter described;
AND WHEREAS in accordance with Section 4 of Ontario Regulation 403/02, the
Council of the Municipality has had its Treasurer update its most recent debt and
financial obligation limit received from the Ministry of Municipal Affairs and Housing ( as
so updated, the "Updated Limit'), and, on the basis of the authorized expenditure for
each Project as set out in column (3) of Schedule "A" ( Authorized Expenditure"), The
Treasurer has calculated the estimated annual amount payable in respect of each
Project (collectively the "Project Limits") and has determined that the aggregate of the
Project Limits does not exceed the Updated Limit, and accordingly the approval of the
Ontario Municipal Board under the Ontario Municipal Board Act ( Ontario), as amended,
is not required before any such Project is authorized by Council;
AND WHEREAS subsection 405(1) of the Act provides that a municipality may
authorize temporary borrowing to meet expenditures made in connection with a work to
be financed in whole or in part by the issue of debentures if,
(a) the municipality is an upper-tier municipality, a lower-tier municipality in a County
or a single-tier municipality and it has approved the issue of debentures for the
work;
(b) the municipality is a lower-tier municipality in a regional municipality and it has
approved the work and the upper-tier municipality has approved the issue of
debentures for the work; or
(c) the municipality has approved the issue of debentures for another municipality or
a school board under section 404;
AND WHEREAS subsection 405(4) of the act provides that a municipality may delegate
the power set out in subsection 405(1) to the Head of Council, to the Treasurer, or to
both of them;
AND WHEREAS subsection 401(1) of 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 act also provides that a municipality shall authorize long term
borrowing by the issue of debentures or through another municipality under section 403
or 404 of the Act;
AND WHEREAS OIPC has invited Ontario municipalities desirous of obtaining
temporary and long term debt financing in order to meet capital expenditures incurred
after December 31, 2003 in connection with eligible capital projects to make application
to OIPC for such financing by completing and submitting an application on the form
provided by OIPC (the "Application");
AND WHEREAS the Municipality has submitted an application to OIPC to request
financing for the Projects by way of long term borrowing through the issue of debentures
to OIPC and by way of temporary borrowing from OIPC pending the issues of such
debentures;
AND WHEREAS OIPC has accepted and has approved the municipality's application;
NOW THEREFORE the Council of the Township of Oro-Medonte hereby enacts as
follows:
The Council of the Municipality hereby confirms, ratifies and approves the
completion by the Treasurer of an Application and the submission by such
authorized official of an Application, duly executed by such authorized official, to
OIPC for the financing of the Projects in the maximum aggregate amount of
$1,600,000.00 substantially in the form of Schedule "B" hereto and forming part
of this by-law, with such changes thereon as such authorized official approved.
2. (a) Construction of each Project in the amount of the respective estimated
Authorized Expenditure set out in column (3) of schedule "A" is hereby approved
and authorized;
(b) Any one or more of the Mayor and the Treasurer are hereby authorized to
conclude contracts on behalf of the Municipality for the construction of the
Projects in accordance with the Municipality's usual protocol;
(c) where applicable, the Engineer of the Municipality will forthwith make such
plans, profiles and specifications and furnish such information as in the opinion of
the engineer is necessary for the construction of the Projects;
(d) where applicable, the construction of the Projects shall be carried on and
executed under the superintendence and according to the direction and orders of
such Engineer.
3. The Mayor and the Treasurer are hereby authorized to negotiate and enter into,
execute and deliver for and on behalf of the Municipality a financing agreement
a "Financing Agreement" ) with OIPC that provides for temporary and long term
borrowing from OIPC in respect of such Projects on such terms and conditions
as such authorized officials may approve, such execution and delivery to be
conclusive evidence of such approval.
4. The Mayor and/or Treasurer are hereby authorized, pending the substantial
completion of a Project or as otherwise agreed with OIPC, to make temporary
borrowings pursuant to section 405 of the Act in respect of each project, on the
terms and conditions provided in the Financing Agreement and on such terms
and conditions as such authorized officials may agree, and to sign such evidence
of indebtedness as OIPC may require ( a "Note"); and the Treasurer is authorized
to sign such certifications as OIPC may require in connection with such
borrowings in respect of the Projects; provided that the amount of borrowings
allocated to any Project does not exceed the Authorized Expenditure for such
Project and does not exceed the loan amount set out in column (4) of Schedule
"A" in respect of such Project.
5. Subject to the terms and conditions of the Financing Agreement and such other
terms and conditions as OIPC may otherwise require, the Mayor and Treasurer
are hereby authorized to enter into long term borrowing in respect of the Projects
and to issue debentures to OIPC on the terms and conditions provided in the
Financing Agreement and on such other terms and conditions as such authorized
officials may agree ( "Debentures"); provided that the principal amount of such
Debentures issued in respect of a Project does not exceed the authorized
Expenditure for such Project and does not exceed the loan amount set out in
column (4) of Schedule "A" in respect of such Project.
6. In accordance with the provisions of section 18 of the Ontario Infrastructure
Projects Corporation Act, 2006 (Ontario), as security for the payment by the
Municipality of any indebtedness of the Municipality to OIPC incurred under the
Note or any Debentures, the Municipality is hereby authorized to agree in writing
with OIPC that the Minister of Finance is entitled to deduct from money
appropriated by the Legislative Assembly of Ontario for payment to the
Municipality, or from money appropriated by the Assembly for payment to the
Municipality in respect of specified matters, amounts not exceeding the amounts
that the Municipality fails to pay to QIPC on account of the outstanding
indebtedness evidenced by the Note or any Debentures issued by the
Municipality to 41PC, and to pay such amounts to 0l PC.
7. For the purposes of meeting the obligations of the Municipality in respect of the
Note and any Debentures, the Municipality shall provide for raising in each year
as part of the general levy, the amounts of principal and interest payable in each
year under the Note and any outstanding Debenture, 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.
8. (a) The Mayor and/or Treasurer are hereby authorized to execute and deliver the
Note, The Mayor and the Treasurer are hereby authorized to enter into, execute
and deliver the Financing Agreement and to cause Debentures to be issued, the
Clerk and Treasurer are severally hereby authorized to generally do all things
and to execute all other documents and papers in the name of the Municipality
under the Financing Agreement and to carry out the issuance of the Note and
Debentures, and the Treasurer is authorized to affix the Municipality's municipal
seal to any such documents and papers.
(b) The proceeds realized in respect of the Note and Debentures, after providing
for the expenses related to their issue, if any, shall be apportioned and applied
for the respective Projects and for no other purpose except as permitted by the
Act.
9. This By-law takes effect on the day of passing.
BY-LAW READ A FIRST AND SECOND TIME THIS 16TH DAY OF JULY, 2008.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 16TH DAY OF JULY,
2008.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
aybr, H.S.
C erk, J. Douglas Irwin
Schedule "°A"
to By-law No. 2008-093 for
The Corporation of the Township of Oro-Medonte
(1)
(2)
(3)
(4)
Project
Estimated
Loan
Number
Description of Capital Work
Expenditure
Amount
1.
Road Reconstruction and
Resurfacing
$ 292,744.00
$ 292,744.00
2.
Paving of existing gravel
Roads
$1,307,256.00
$1,307,256.00
$1,600,000.00 $1,600,000.00
The Corporation of the
Township of Oro-Medonte
Schedule "B" to by-law
No. 2008-093
ONTARIO INFRASTRUCTURE PROJECTS CORPORATION (OIPC)
LOAN APPLICATION
Application ID: 8041 Program Year: 2008/2009
Application Submit Date: Jul-04-2008
A. GENERAL INFORMATION - Borrowing Municipality
Name: Oro-Medonte Tp
Address: 148 Line 7 S
Box 100
ID: 43047
City: Oro
Postal Code: L9M 1J8
Name of Treasurer(or Paul Gravelle Title: Director of Finance
equivalent):
Telephone Number: 705-487-2171 Fax No.: 705-487-0133
Email: pgravelle@oro-medonte.ca
B. CONTACT INFORMATION
Questions regarding the information contained in the application form should be addressed to
Name: Paul Gravelle Title: Treasurer
Telephone: 705-487-2171 Fax No.: 705-487-0133
Email: pgravelle@oro-medonte.ca
C. PROJECT SUMMARY INFORMATION
No. Proiect Name Category Type
1 road improvements Municipal Roads
Infrastructure
Total Loan Amount
Loan Amount
$1,600,000.00
$1,600,000.00
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LOAN APPLICATION
Project Details - Municipal Roads Infrastructure
Project Name
Category
Construction Start Date
Construction End Date
road improvements
Municipal Roads Infrastructure
Jun-16-2008
Sep-15-2008
Please indicate below if any aspect of the project pertains to:
Energy Conservation:
❑ Yes No
The Municipal Eco Challenge Fund (MECF) is a three year, $20 million grant and $200 million loan initiative to
help municipalities reduce Green House Gas (GHG) emissions from their infrastructure.
Please indicate whether the loan is for a project that will reduce energy consumption or GHG emissions from a
municipally-owned facility (building, arena, etc.).
❑ Yes No
Is this project also being considered for an MECF grant?
❑ Yes ✓Z No
Please provide :
An estimate of the reduction in energy consumption or GHG emissions as a result of the project.
or
A short description of the energy conservation benefits.
mproved road quality will shorten travel times thereby reducing energy consumption.
mproved road quality will allow residents to access destinations in a more direct manner thereby
educing energy consumption.
Address of the project: various locations throughout
municipality
Type of work (e.g. new construction, renovation of existing renovation of existing facilities
facilities, redevelopment, deferred maintenance, etc.):
Description of the project:
reconstruction & resurfacing of existing paved roads, paving of gravel roads
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ONTARIO INFRASTRUCTURE PROJECTS CORPORATION (OIPC)
LOAN APPLICATION
Additional comments:
What is the life span of the project in years? (i_e. the physical asset) '15
Please identify your Ministry contact (If applicable)
Ministry:
Contact Name:
Contact Phone:
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ONTARIO INFRASTRUCTURE PROJECTS CORPORATION (OIPC)
LOAN APPLICATION
Project Information
Project Name
Category
road improvements
Municipal Roads Infrastructure
Project Cost (A) $1,600,000.00
Project Funding/Financing
List existing and expected Funding/Financing sources for the project (eg. Reserves, other cash on hand,
approved grants, etc.).
Source/Description
Timing Amount
Total Amount (B) $0.00
OIPC Loan Amount (A-B) $1,600,000.00
Please enter your long-term borrowing requirements including the estimated date the funds are required.
Only include long-term borrowing in this section. If you anticipate that you will require short-term financing
during the construction phase of the project, the information will be gathered as part of the Financing
Agreement.
Estimated Date Required Amount Term (in years) Type
Oct-01-2008 $1,600,000.00 10 Amortizing
Total Long-Term Financing $1,600,000.00
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LOAN APPLICATION
D. DEBT AND REPAYMENT SUMMARY
Financial Information Returns (FIR)
Please be aware that OIPC will be unable to complete the processing of your application until you have filed your
most current FIR with the Ministry of Municipal Affairs and Housing. If you have not filed your FIR, you should
submit your application to OIPC and send your FIR to MMAH as soon as possible.
ARL
Please provide a copy of the Borrower's most recent ARL issued by MMAH.
Existing Borrowing:
Please provide the fallowing details on the existing debt, including capital leases and unsecured debt.
LoanILoan
Initial
Amount Annual
Date
Maturity
Summary Payment
Periodic
Payment ,
# Purpose
Amount
Outstanding (Interest
Borrowed
Year
of Existing Type
Amount
Frequency
Borrowed
as per Most (Rate I%)
(mmldd/yy
Pledges,
Payable
j
Recent j
yy)
Conditions,
j
Audited
Covenants j
Financials
1 roads $1,500,000.00 $1,500,000.00 4.96 10/01/2007 2017 blended $96,039.00 Semi-annual
principal
and interest
2 roads $490,000.00 4.38 04/01/2008 2018 blended $30,519.05 Semi-annual
principal
and interest
Please elaborate on re-financing plans and options for any existing "interest only" debt, if applicable
Existing Encumbrances:
Does the Borrower have any existing liens, pledges and any other encumbrances on existing assets?
❑ Yes Z No
If yes, please provide details:
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LOAN APPLICATION
OIPC Loan Repayment Information
Please indicate the source(s) of revenue you plan to use to repay the OIPC Loan.
Source Contribution to OIPC Loan Pa Me_nts '/o
Taxation 100.00
User Fees
Service Charges
Development Charges
Connection Fees
Subsidies
Other
Total 100.00
Audited Financial Statements
Description of Other Source
A copy of the most recent audited financial statements must be attached with this loan application.
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ONTARIO INFRASTRUCTURE PROJECTS CORPORATION (OIPC)
LOAN APPLICATION
E. LITIGATION
Is there any litigation threatened or existing which would affect any projects or substantially
impair the Borrower's ability to pay debt service costs on its general obligation indebtedness?
Please indicate Yes or No. ❑ Yes ✓Z No
Please complete the Certificate of Litigation template found under the Forms menu.
F. NON-REPAYMENT OF LOANS OR DEBENTURES
In the last 10 years has the Borrower ever failed to make a loan or debenture repayment on
time to any lender, including to the Provincial Government? '[]Yes 0 No
If yes, please provide details. If necessary, attach details.
G. PROVINCIAL GRANTS AS SECURITY
Pursuant to OIPC's enabling legislation, provincial grants to the Borrower may be appropriated by the
Legislative Assembly of Ontario for payment to OIPC to satisfy any outstanding amounts owed by the Borrower
to OIPC.
H. ATTACHMENTS
Please ensure all required documents are submitted with the signed application. OIPC requires originals as
noted below to be mailed or couriered. Also, please retain a copy of all documents submitted to OIPC for your
records.
Completed application signed and dated by the appropriate individuals (original)
Certified and sealed copy of OIPC template by-law authorizing project borrowing and applying for a loan
(original)
Certificate of No Litigation using the OIPC template (original)
- OMB approval if exceeding debt repayment limit, if applicable
Current Audited Financial Statements
- Capital Plan if applicable
- Project management letter
I acknowledge and agree that all of the above referenced documents must be submitted in the form required
by OIPC and understand that the application will not be processed until such documents have been fully
completed and received by Infrastructure Ontario.
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ONTARIO INFRASTRUCTURE PROJECTS CORPORATION (OIPC)
LOAN APPLICATION
Please note: OIPC retains the right to request and review any additional information or documents at its
discretion.
0 1 acknowledge that I have read and understood the Project Management and Best Practices Reporting
Requirements
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Ontario ONTARIO INFRASTRUCTURE
PROJECTS CORPORATION (OIPC)
LOAN APPLICATION SIGNATURE PAGE
Infrastructure Ontario
Application ID: 8041 Printed Date: Jul-04-2008
Application Submit Date: Jul-04-2008
I/We acknowledge that a Loan Application has been submitted to Ontario Infrastructure
Projects Corporation (OIPC) containing the following information.
Eligible Category
Municipal Roads Infrastructure
Total
Name of Borrower: Oro-Medonte Tp
Address: 148 Line 7 S
Box 100
Loan Amount
$1,600,000.00
$1,600,000.00
Name of Treasurer
(or equivalent):
Telephone Number:
ID:
Oro, L9M 1J8
Paul Gravelle
705-487-2171
43047
The undersigned certifies that he/she has read the OSIFA loan program guidelines and all
information provided to OIPC is accurate and complete. The undersigned acknowledges
that some information provided may be shared with the line ministries to provide technical
expertise to OIPC. Applicant agrees to provide OIPC with additional information as
required in order to process the loan.
Treasurer's (or Date: A
equivalents) Signature: -
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