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2022-064 By-law to Approve the Submission of an Application to Ontario Infrastructure and Lands Corporation for the Long Term Financing of the Township of Oro MedonteDocument # B3.ii. (BB-Lona-term) Single-tier/County/Region's purposes (Capital Works Rate Offer Borrowing By-law — Long-term — w/o FA) OILC IS PROVIDING THIS DOCUMENT AS A GENERAL SERVICE TO ONTARIO MUNICIPALITIES FOR INFORMATION PURPOSES ONLY. USE OF THIS DOCUMENT OR ANY OTHER OILC DOCUMENT DOES NOT IN ANY WAY CREATE OR CONSTITUTE A SOLICITOR -CLIENT RELATIONSHIP BETWEEN OILC AND THE USER. NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, ARE GIVEN REGARDING THE USE OR APPROPRIATENESS OF THIS DOCUMENT FOR ANY PARTICULAR PURPOSE. OILC ACCEPTS NO LIABILITY FOR ANY USE THAT YOU MAY MAKE OF THIS DOCUMENT AND STRONGLY SUGGESTS THAT YOU HAVE YOUR OWN LAWYER REVIEW YOUR DOCUMENTS TO CONFIRM THAT THEY MEET THE NEEDS FOR WHICH THEY WERE PREPARED. Document # B3.ii. (BB-Lona-terml Single-tier/County/Region's purposes (Capital Works Rate Offer Borrowing By-law — Long-term — w/o FA) THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE BY-LAW NUMBER 2022-064 A BY-LAW TO APPROVE THE SUBMISSION OF AN APPLICATION TO ONTARIO INFRASTRUCTURE AND LANDS CORPORATION ("OILC") FOR THE LONG-TERM FINANCING OF CERTAIN CAPITAL WORKS OF THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE (THE "MUNICIPALITY"); AND TO AUTHORIZE THE ENTERING INTO OF A RATE OFFER LETTER AGREEMENT PURSUANT TO WHICH THE MUNICIPALITY WILL ISSUE DEBENTURES TO OILC WHEREAS the Municipal Act, 2001 (Ontario), 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 the Council of the Municipality has passed the by-law(s) enumerated in column (1) of Schedule "A" attached hereto and forming part of this By- law ("Schedule "A") authorizing the capital works described in column (2) of Schedule "A" ("Capital Works") in the amount of the respective estimated expenditure set out in column (3) of Schedule "A" , subject in each case to approval by OILC of the Tong -term financing for such Capital Works requested by the Municipality in the Application as hereinafter defined; AND WHEREAS before the Council of the Municipality approved the Capital Works 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 then 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 Capital Work or each Capital Work, as the case may be, and determined that the estimated annual amount payable in respect of the Capital Work or each Capital Work, as the case may be, did not cause the Municipality to exceed the Updated Limit, and accordingly the approval of the Local Planning Appeal Tribunal pursuant to the Regulation, was not required before any such Capital Work was authorized by the Council of the Municipality; 3 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 OILC has invited Ontario municipalities desirous of obtaining long-term debt financing in order to meet capital expenditures incurred on or after the year that is five years prior to the year of an application in connection with eligible capital works to make application to OILC for such financing by completing and submitting an application in the form provided by OILC; AND WHEREAS the Municipality has completed and submitted or is in the process of submitting an application to OILC, as the case may be to request financing for the Capital Works by way of long-term borrowing through the issue of debentures to OILC, substantially in the form of Schedule "B" hereto and forming part of this By-law (the "Application"); AND WHEREAS OILC has accepted and has approved or will notify the Municipality only if it accepts and approves the Application, as the case may be; AND WHEREAS at least five (5) business days prior to the passing of the debenture by-law in connection with the issue of Debentures as defined below, OILC will provide the Municipality with a rate offer letter agreement substantially in the form as provided to the Municipality on or prior to the date of this By-law (the "Rate Offer Letter Agreement"); NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE ENACTS AS FOLLOWS: 1. The Council of the Municipality hereby confirms, ratifies and approves the execution by the Treasurer of the Application and the submission by such authorized official of the Application, duly executed by such authorized official, to OILC for the long-term financing of the Capital Works in the maximum principal amount of $1,600,000, with such changes thereon as such authorized official may hereafter, approve such execution and delivery to be conclusive evidence of such approval. 2. The Mayor and the Treasurer are hereby authorized to execute and deliver for and on behalf of the Municipality the Rate Offer Letter Agreement under the authority of this By-law in respect of the Capital Works on such terms and conditions as such authorized officials may approve, such execution and delivery to be conclusive evidence of such approval. 3. Subject to the terms and conditions of the Rate Offer Letter Agreement, the Mayor and the Treasurer are hereby authorized to long-term borrow for the Capital Works 4 and to issue debentures to OILC on the terms and conditions provided in the Rate Offer Letter Agreement (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. 4. In accordance with the provisions of section 25 of the Ontario Infrastructure and Lands Corporation Act, 2011, as amended from time to time hereafter, 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 to OILC on account of any unpaid indebtedness of the Municipality to OILC under the Debentures (the "Obligations") and to pay such amounts to OILC from the Consolidated Revenue Fund. 5. 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 Debentures issued pursuant to the Rate Offer Letter Agreement, 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. 6. (a) The Mayor and the Treasurer are hereby authorized to execute and deliver the Rate Offer Letter 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 terms and conditions that apply to the Municipality as set out in the Rate Offer Letter Agreement and to perform the Obligations of the Municipality under 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 Debentures, including any premium, and any earnings derived from the investment of that money, after providing for the expenses related 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. 7. This By-law takes effect on the day of passing. 5 By-law read a First, Second and Third time, and Passed this 8th day of June, 2022. The Corporation of the Township of Oro-Medonte H.S. Hughes / Yvon Aubichon Mayor Clerk Schedule "A" to By -Law Number 2022-064 (Capital Works) (1) (2) By -Law Number Description of Capital Work 2022-064 Municipal Bridges (3) (4) Estimated Loan Amount Expenditure $1,600,000 $1,600,000 Schedule "B" to By -Law Number 2022-064 Please insert the OILC Application into Schedule "B" Only include long-term borrowing in this section. If you anticipate that you will require short-term financing during the construction phase (e-y);unowy ueoi O110 b9 07 O O O 0 0 0 Other Project Funding/Financing Total (B) to 0 0 0 Other Proiect Fundina / Financina (e1: (y) Poo ;aafoJd O O O 0 0 0 owuaio uI Ieiouetud )D8 Oa.i (saeaA) uedS a111 1aafoad U) 0 This is a Straight to Debenture request with preflow, semi annual payments. 0 Replacement of bridge that was identified in the 10-year Capital Plan to be replaced by 2025. apoo le;sod C) T z ssaappy;aafoad ssaappy;aafoad cn CD CD CD r N uollenJO5UO3 A6.1au3 Construction/Purchase End 0 0, 0 O N Construction/Purchase Start aweN;aafoad 0 cD ,GofaleO loafoad a•pijg 109.Oad 0 sllelea Co A O Z -D n 3 0 O N (D n A �+ O zz0z/ 1-0/g0 m 3 G lunowy ueoi Og1O eseyoa nd/uollonalsuoO aseyoind/uoi;onJjsuoO .io; uolleoilddy Oro-Medonte, The Corporation of The Township of aagwnN yJ 0) O dad uoge3!Iddb ueoi sueomeM 0 O3 d o 0 Q a) E CO a) CO C o R • O • E it Q U)' r Yes r No Ion Re -pa ments of Loans or Debentur- a) t C) C U C C m C c R 0 m E C 0 C m E R Q. i a) C C O a) a) O C a) E T 0. CO 0 CO m Y R E O U) Q) U a) U) a) 0 0 0 d r N �. R C t a) E i 0 R ar 0 7+ O O Vr w N CO R U a) aLi >O c If yes, please provide details. r•IL Loan Repa ment Informatio Please indicate the source(s) of revenue you plan to use to repay the OILC Loan C 0 )RC H O O O User Fees 0 0 O Service Charges O 0 O Development Charges O 0 O Connection Fees O O O Repayment Subsidies C-C O 0 H 'JUG se UMOJO ouelu• o luaWUJaAO e'ouelua anon41seJ u . IaulejUI W sl ells sl MUDD -J to J}sei u 1 \/»2 f� / -o-0 & CO 8 a { z , • • • o § \ - o& 2 ® ° c o o r , / \ s \ / / } \ \ § - \ rn F a E - R> q /) \33 — \(}\ As *\ n \«m( / k , s > U U. & § $ g / _c. &{[ _ }{ >w\/ Z— ; _ ° a2 0 St ('oCD § ao m£7; §k o= wo 0) s (0 3 — c /§ r)E 3 /\ \\\/ \ }\ ƒ \ © C ® 0 \ k k \ ° . 2 r \ to =f - \ ; § ƒ 0 $ \ - m & CD _ A) -13 — ° J \ \ ƒ ! ® { § — ) $ 1( wawa spa nnou 3, sue uogqu8Wnaou