2010-038 Asset Transfer Policy LSRATHE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 2010-038
A By-law to Adopt an Asset Transfer Policy
for the Municipal Services Corporation
(Lake Simcoe Regional Airport Inc.)
WHEREAS the City of Barrie and the Township of Oro-Medonte are members of the
existing non-share capital corporation incorporated under the Corporations Act (Ontario)
under the name "Lake Simcoe Regional Airport" ("LSRA"
AND WHEREAS the LSRA manages and operates a regional airport ("Airport") capable of
handling a broad range of aircraft, including helicopters and commercial jet aircraft;
AND WHEREAS the City of Barrie, the Township of Oro-Medonte and the City of Orillia
previously entered into an agreement made the 10th day of June, 2002 (the "Old
Agreement") in relation to the management, operation and governance of the Airport;
AND WHEREAS section 203(1) of the Municipal Act, 2001 (Ontario) and Ontario
Regulation 599/06 (as amended by Amended Ontario Regulation 371/07) permits the
establishment of a new corporation ("Newco") formed under the Business Corporations Act
(Ontario) ("OBCK) and designated as a "municipal services corporation";
AND WHEREAS the proposed name of Newco is the "Lake Simcoe Regional Airport Inc.";
AND WHEREAS as required by the Municipal Act, 2001 (Ontario) and related Regulations
in connection with forming a "municipal services corporation", the Township of Oro-Medonte
will be required to (i) prepare a "Business Case Study" in respect to Airport and the
proposed transfer of its assets and liabilities to Newco (as per Section 6 of the Regulations),
(ii) hold "public consultations" with the public about the proposal to establish Newco (as per
Section 8 of the Regulations) and (iii) adopt and maintain an asset transfer policy ("Asset
Transfer Policy") in respect to transfers to corporations (as per Section 7 of the
Regulations),
AND WHEREAS the City of Barrie and the Township of Oro-Medonte propose to enter into
a new agreement (the "New Agreement"), in substitution and replacement of the Old
Agreement, in respect to, among other matters, (i) the operation, management and
improvement of the Airport in the name of Newco and (ii) the governance of Newco by its
shareholders thereof, as authorized by Township of Oro-Medonte By-law No. 2010-015;
AND WHEREAS the City of Barrie and the Township of Oro-Medonte now jointly desire to
transfer the assets, liabilities and undertakings association with the Airport and the LSRA, to
a new corporation ("Newco") formed under the Business Corporations Act (Ontario)
("OBCK) and designated as a "municipal services corporation";
NOW THEREFORE the Council of the Township of Oro-Medonte hereby enacts as follows:
1. That the Asset Transfer Policy, attached hereto as Schedule "A" and forming part of
this by-law, is hereby adopted.
2. This by-law shall take effect on the final passing thereof.
BY-LAW READ A FIRST AND SECOND TIME THIS 10TH DAY OF MARCH, 2010.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 10TH DAY OF MARCH,
2010.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
Irwin
Schedule "A"
To By-law No. 2010-038 for
The Corporation of the Township of Oro-Medonte
ASSET TRANSFER POLICY
The following Asset Transfer Policy is hereby adopted by the Township of Oro-Medonte
in respect to the transfer of assets to the Lake Simcoe Regional Airport Inc., a municipal
service corporation as contemplated under the Municipal Act, 2001 and related
regulations including O.Reg 599/06 (as amended by Amended Ontario Reg. 371/07).
1. All transfers of assets and assumptions of liabilities shall be documented and
evidenced by a bill of sale or other form of general conveyance and assumption
document. A listing of assets and liabilities/commitments shall be attached to
any such conveyance document.
2. All transfers of assets shall be effected in as tax efficient a manner as possible.
In this regard, appropriate tax and/or accounting advice should be obtained prior
to the transfer of any assets in question.
3. Relevant corporate and/or personal property searches shall be conducted to
ensure that none of the municipal assets to be transferred is subject to any
encumbrance or other security interest, unless same is to be a permitted
encumbrance.
4. Council approval shall be obtained in respect to any proposed transfer of assets
or liabilities.
5. All transfers shall be completed in accordance with the Municipal Act, 2001 and
applicable regulations.