2023-010 By-law for the Transfer of Assets to the Municpal Services CorporationThe Corporation of the Township of Oro-Medonte
By -Law No. 2023-010
A By -Law for the Transfer of Assets
to the Municipal Services Corporation
Whereas on January 1, 2020, The Township of Oro-Medonte incorporated a Municipal
Services Corporation under the authority of Subsection 203(1) of the Municipal Act,
2001 S.O. 2001, c.25 which authorizes the Township to establish corporations.
And Whereas on January 1, 2020, The Township of Oro-Medonte incorporated a
Municipal Services Corporation under the authority of Clause 3(a) of Ontario Regulation
599/06.
And Whereas on August 18, 2021, The Township of Oro-Medonte Council passed
Resolution No. C210817/18-21 to endorse an Asset Transfer Policy for the Municipal
Services Corporation.
And Whereas on January 25, 2023, The Township of Oro-Medonte Council passed
Resolution No. C230125-10 to receive the Asset Transfer Schedule, as regulated by
PSAB Section 3430, to enable transfer of the assets from the Corporation of the
Township of Oro-Medonte to the Municipal Services Corporation, effective January 31,
2023.
Now Therefore the Council of The Corporation of the Township of Oro-Medonte hereby
enacts as follows:
1. That effective January 31, 2023, the assets listed in Schedule 1, as attached, be
transferred from the Corporation of the Township of Oro-Medonte to the Municipal
Services Corporation.
2. And That this by-law shall come into force and take effect on the final passing
thereof.
By -Law Read a First, Second and Third time, and Passed this 8th day of February,
2023.
The Corporation of the Township of Oro-Medonte
"Mayor, Randy Greenlaw
Yvonne Aubichon
SCHEDULE 1 - 2023 Asset Transfer Schedule
Municipal Drinking Water
All fixtures, equipment, improvements, and appurtenances inherent to the supply,
treatment, and distribution of municipal drinking water at the following municipal drinking
water systems as authorized and amended by the Ministry of Environment,
Conservation & Parks through the Safe Drinking Water Act (SDWA), 2002:
Location Drinking Water Municipal Drinking Drinking Water
System Number Water Licence Works Permit
Braestone 260095498 N/A N/A
Canterbury 220007454 126-106 126-206
Cedarbrook 220006936 126-108 126-208
Crai hurst 250001322 126-109 126-209
Harbourwood 220006703 126-110 126-210
Horseshoe Highlands 250001402 126-101 126-201
Maplewood 220004135 126-104 126-204
Medonte Hills 220003920 126-111 126-211
Robincrest 220010752 126-107 126-207
Shanty Bay 220005198 126-105 126-205
Su arbush 220001518 126-102 126-202
Warminster 220005125 126-103 126-203
Communal Tile
All fixtures, equipment, improvements, and appurtenances inherent to the collection,
treatment, and disposal of municipal sewage at the following municipal communal tile
systems located in Horseshoe Valley, as authorized and amended by the Ministry of
Environment, Conservation & Parks through the Environmental Protection Act (EPA),
1990:
Wastewater Environmental
Location System Number Compliance
Appoval
Township of Oro-Medonte Communal Tile N/A
Collection System 126-W601
Communal Tile Field 1 120003799 8000-BD9SEA
Communal Tile Field 2 120003806 8649-BVQJ2Q
Communal Tile Field 3 120003815 9622- C6NMVN
Communal Tile Field 4 120003824 7776-BRGLAP
Communal Tile Field 5 120003833 9708- BDAHGS
Communal Tile Field 6 120003842 3726-BCZLBB
Communal Tile Field 7 120003851 2781-BD8KZG
Urbanized Stormwater Management
All fixtures, equipment, improvements, and appurtenances inherent to the collection and
treatment of municipal stormwater management within select urbanized and recognized
plans of subdivision, as authorized and amended by the Ministry of Environment,
Conservation & Parks through the Environmental Protection Act (EPA), 1990:
Location Environmental
Compliance Approval
Township of Oro-Medonte Urbanized Stormwater 126-3701
Management System
Streetlights
All fixtures, equipment, improvements, and appurtenances inherent to streetlighting
infrastructure in the identified Street Lighting Areas as authorized and amended by
Township of Oro-Medonte By-Law No. 2022-052.
Location Municipal By-Law
Township of Oro-Medonte Streetlights (by identified areas 2022-052, as amended
and general Township)
Under Public Sector Accounting Board (PSAB), tangible capital assets are recorded at
cost, which includes all amounts that are directly attributable to the acquisition,
construction, development, or betterment of the asset. The cost, less residual value, if
any, of tangible capital assets are amortized on a straight-line basis, over the expected
useful life of the asset.
For financial reporting purposes, the transfer of assets is considered to be a
restructuring transaction as defined in PSAS 3430: Restructuring Transactions. In PSAB
section, 3430.37 a transfer of assets transferred in a restructuring transaction should be
at their carrying amount (i.e. net book value). The audited net book value as of
December 31, 2021, for these tangible assets, totaled $20,548,341. Once transferred
into the newly formed organization International Financial Reporting Standards (IFRS)
will now be required and as such the assets will be re-evaluated at fair market value in
the first fiscal period.