2011-128 Authorize App to OIPC Capital WorksBY -LAW NO. 2011 -128
A By -Law to Amend By -Law No. 2011 -092, "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 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 Council of the Township of Oro - Medonte did, on the 22 day of June,
2011, enact By -law No. 2011 -092 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 in the amount of $2,000,000;
AND WHEREAS the Township of Oro - Medonte was notified on July 14, 2011 that on
June 6, 2011, legislation amalgamating the Ontario Infrastructure Projects Corporation,
Stadium Corporation of Ontario Limited and the Ontario Realty Corporation was
proclaimed into force and is now law. The new name is Ontario Infrastructure and
Lands Corporation (OILC).
AND WHEREAS the Council of The Corporation of the Township of Oro - Medonte
deems it expedient to amend By -Law 2011 -092;
NOW THEREFORE the Council of the Township of Oro - Medonte hereby enacts as
follows:
That all references to "Ontario Infrastructure Projects Corporation (OIPC)"
contained within By -Law No. 2011 -092 be deleted and replaced with "Ontario
Infrastructure and lands Corporation (OILC) ".
2. That the reference to Section 18 of the Ontario Infrastructure Projects
Corporation Act, 2006 contained within Section 6 of By -Law No. 2011 -092 is
hereby deleted and replaced with Section 25 of the Ontario Infrastructure and
Lands Corporation Act, 2011.
3. This by -law shall take effect on the final passing thereof.
BY -LAW READ A FIRST, SECOND AND THIRD TIME AND PASSED THIS 18 DAY
OF AUGUST, 2011.
THE TOWNSHIP OF ORO-MEDONTE