2017-140 By-Law to Authorize New Capital Works - Ontario Infrastructure and Lands Corporation for Financing such Capital Works - Debentures OILCTHE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NUMBER 2017-140
A BY-LAW TO AUTHORIZE CERTAIN NEW CAPITAL WORKS
OF THE CORPORATION OF THE TOWNSHIP OF ORO-
MEDONTE (THE "MUNICIPALITY"); TO AUTHORIZE THE
SUBMISSION OF AN APPLICATION TO ONTARIO
INFRASTRUCTURE AND LANDS CORPORATION ("OILC")
FOR FINANCING SUCH CAPITAL WORKS; TO AUTHORIZE
TEMPORARY BORROWING FROM OILC TO MEET
EXPENDITURES IN CONNECTION WITH SUCH WORKS; AND
TO AUTHORIZE LONG TERM BORROWING FOR SUCH
WORKS THROUGH THE ISSUE OF DEBENTURES TO OILC
WHEREAS the Municipal Act, 2001 (Ontario), as amended, (the "Act")
that a municipal power shall be exercised by by-law unless the municipality is sp
authorized to do otherwise;
AND WHEREAS it is now deemed to be expedient to authorize for the purpose
of the Municipality the new capital work(s) described in column (2) of Schedule "A'
(individually a "Capital Work", collectively the "Capital Works", as the case may be) attache(
hereto and forming part of this By-law ("Schedule "A") in the amount of the respective
estimated expenditure set out in column (3) of Schedule "A", subject in each case to approval b,
OILC of the financing for such Capital Work(s) that will be requested by the Municipality in th
Application as hereinafter defined;
AND WHEREAS in accordance with section 4 of Ontario Regulation 403/02 (the
"Regulation"), the Council of the Municipality had its Treasurer calculate an updated limit in
respect of its most recent annual 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 estimated expenditure for the Capital Work or each Capital Work, as the case may be,
as set out in column (3) of Schedule "A" (the "Authorized Expenditure" for any such Capital
Work), the Treasurer calculated the estimated annual amount payable in respect of the Capitan
Work or each Capital Work, as the case may be, (collectively the "Estimated Annual Amount'
Payable") and determined that the Estimated Annual Amount Payable does not cause the
Municipality to exceed the Updated Limit, and accordingly the approval of the Ontario
Municipal Board pursuant to the Regulation, is not required before any such Capital Work is
authorized by the Council of the Municipality;
AND WHEREAS subsection 405(1) of the Act provides, amongst other things,
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, 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;
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
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issue debentures and prescribed financial instruments and enter prescribed financial
for or in relation to the debt;
AND WHEREAS the Act also provides that a municipality shall authorize lc
term borrowing by the issue of debentures or through another municipality under section 403
404 of the Act;
AND WHEREAS OILC has invited Ontario municipalities desirous of obta
temporary and long term debt financing in order to meet capital expenditures incurred on or
January 1, 2004 in connection with eligible capital works to make application to OILC for
financing by completing and submitting an application on the form provided by OILC;
AND WHEREAS the Municipality has completed and submitted an application
OILC (the "Application') to request financing for the Capital Work(s) by way of long tel
borrowing through the issue of debentures to OILC and by way of temporary borrowing frc
OILC pending the issue of such debentures;
AND WHEREAS OILC has accepted and has approved the Application;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF
TOWNSHIP OF ORO-MEDONTE ENACTS AS FOLLOWS:
1. The Council of the Municipality hereby confirms, ratifies and approves the execution
the Treasurer of the Application and the submission by such authorized official of i
Application, duly executed by such authorized official, to OILC for the financing of I
Capital Work(s) in the maximum aggregate principal amount of $1,100,000 substantia
in the form of Schedule `B" hereto and forming part of this By-law, with such chant
thereon as such authorized official may hereafter approve, such execution and delivery
be conclusive evidence of such approval.
2. (a) The undertaking of the Capital Work or of each Capital Work, as the case may
in the amount of the respective estimated Authorized Expenditure set out
column (3) of Schedule "A" is hereby approved and authorized;
(b) any one or more of the Mayor and the Treasurer are hereby authorized
conclude contracts on behalf of the Municipality for the undertaking of
Capital Work or of each Capital Work, as the case may be, in accordance with
Municipality's usual protocol;
(c) where applicable, the Engineer of the Municipality will forthwith make su
plans, profiles and specifications and furnish such information as in the opinion
the Engineer are necessary for the undertaking of the Capital Work or of ea
Capital Work, as the case may be; and
(d) where applicable, the undertaking of the Capital Work or of each Capital
as the case may be, shall be carried on and executed under the superinte
and according to the direction and orders of such Engineer.
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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 OILC that provides for temporary and long term borrowing from
OILC in respect of the Capital Work(s) 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 the Treasurer are hereby authorized, pending the substantial
completion the Capital Work or each Capital Work, as the case may be, or as otherwise
agreed with OILC, to make temporary borrowings pursuant to section 405 of the Act in
respect of the Capital Work or of each Capital Work, as the case may be, on the terms
and conditions provided in the Financing Agreement and on such other terms and
conditions as such authorized officials may agree, and to sign such evidence of
indebtedness as OILC may require (the "Note") and to deliver the Note to OILC, such
execution and delivery to be conclusive evidence of such agreement; and the Treasurer is
authorized to sign such certifications as OILC may require in connection with such
borrowings in respect of the Capital Work(s); provided that the amount of borrowings
allocated to the Capital Work or to each Capital Work, as the case may be, does not
exceed the Authorized Expenditure for. such Capital Work and does not exceed the
related loan amount set out in column (4) of Schedule "A" in respect of such Capital
Work.
5. Subject to the terms and conditions of the Financing Agreement and such other terms and
conditions as OILC may otherwise require, the Mayor and the Treasurer are hereby
authorized to long term borrow for the Capital Work(s) and to issue debentures to OILC
on the terms and conditions provided in the Financing Agreement and on such other
terms and conditions as such authorized officials may agree (the "Debentures");
provided that the principal amount of the Debentures issued in respect of the Capital
Work or of each Capital Work, as the case may be, does not exceed the Authorized
Expenditure for such Capital Work and does not exceed the related loan amount set out in
column (4) of Schedule "A" in respect of such Capital Work.
6. In accordance with the provisions of section 25 of the Ontario Infrastructure and Lands
Corporation Act, 2011, as amended from time to time hereafter, as security for the
payment by the Municipality of the indebtedness of the Municipality to OILC under the
Note and/or the Debentures, as the case may be (the "Obligations"), the Municipality is
hereby authorized to agree in writing with OILC 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, amounts not exceeding the
amounts that the Municipality fails to pay OILC on account of the Obligations and to pay
such amounts to OILC from the Consolidated Revenue Fund.
7. For the purposes of meeting the Obligations, 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/or 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 the 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 issue the Debentures, one or more of
the Clerk and the Treasurer are hereby authorized to generally do all things and to
execute all other documents and papers in the name of the Municipality in order
to perform the Obligations of the Municipality under the Financing Agreement
and to execute and deliver the Note and to issue the Debentures, and the Treasurer
is authorized to affix the Municipality's municipal seal to any such documents
and papers.
(b) The money realized in respect of the Note and the Debentures, including any
premium, and any earnings derived from the investment of that money, after
providing for the expenses related to the execution and delivery of the Note and to
the issue of the Debentures, if any, shall be apportioned and applied to the
respective Capital Work and to no other purpose except as permitted by the Act.
9. This By-law takes effect on the day of passing.
ENACTED AND PASSED this 8th day of November_, A.D. 2017
VAL% 0
DepAy Clerk, Janette Teeter
Schedule "A"
to By -Law Number 2017-140
(New Capital Work(s))
(1) (2) (3) (4)
Capital Work Description of Capital Work Estimated Loan Amount
Number Expenditure
1• Line 9 Bridge Replacement $1,100,000 $1,100,000
Schedule `B"
Webloans Loan Application PDF +o AJ -LAW Maynw
FA Number 1252...... _
Application for Oro-Medonte, The Corporation of The Township of
Projects
SIT Project Construction/Purchase Construction/Purchase
ID ID Project Name Start End Project Cost OILC Loan Amount
481 1 Line 9 Bridge 03/01/2017 07/07/2017
Replacement $1,100,000.00 1,100,000.00
Details of Project Line 9 Bridge Replacement
Project Category Municipal Bridge Infrastructure J
Project Name Line 9 Btidge Replacement
Construction/Purchase Start 03/01/2017
Construction/Purchase End 07/0.7/2017
Energy Conservation
Project Address 1
Project Address 2
City / Town
Province
Postal Code
Description
Comments and/or Special
Requests
r
4875 Line 9 North
Oro Medonte
ON
Bridge replacement.
Project Life Span (Years) 50
Project Financial Information
Project Cost (A) $1,100,000.00
Other Protect Funding / Financing IBI•
Other Project Funding/Financing Total (B)
OILC Loan Amount (A -B)
$0.00
51.100.000.00
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.
Required Date Amount Tenn Type
12/15/201751,100,000 00 110 J Amortizing J
Long-term Borrowing Total i S1 100,000 00 i
Debt and Re -payments Summary
Has there been any newtundisclosed debt acquired since last FIR was r- Yes r No
submitted?
Please describe any re -financing plans for any existing "Interest only"
debt, if applicable.
Non Re -payments of Loans or Debenture
In the last 10 years, has the borrower ever failed to make a loan payment or debenture repayment on time to any lender, including the Provincial
Government?
If yes, please provide details.
OILC LoanRepayment
Please indicate the source(s) of revenue you plan to use to repay the OILC Loan
Taxation 100.00
User Fees 0.00
Service Charges
Development Charges
Connection Fees
Repayment Subsidies
Other
Total
0.00
0.00
0,00
0.00
Please ensure all required documents are submitted with the signed application. OILC requires originals as noted below to be mailed or counered. Also, please retain a
copy of all documents submitted to OILC for your records.
To obtain templates for documents see listed below.
• Loan Application Signature Page signed and dated by the appropriate individual (original to be submitted)
• Certificate and sealed copy of OILC template By -Law authorizing project borrowing and applying for a loan (original with seal)
• Certificate of Treasurer Regarding Litigation using the OILC template (original, signed & sealed)
• Updated Certified Annual Repayment Limit Calculation (original)
r I acknowledge and agree that all of the above referenced documents must be submitted in the form required by OILC and understand that the application will not be
processed until such documents have been fully completed and received by Infrastructure Ontario.
Please note: OILC retains the right to request and review any additional information or documents at its discretion.
Confidential Information
OILC is an institution to which the Freedom of Information and Protection of Privacy Act (Ontario) applies. Information and supporting documents submitted by the
Borrower to process the loan application will be kept secure and confidential, subject to any applicable laws or rules of a court or tribunal having jurisdiction.
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