HomeMy WebLinkAboutBy-law No. 2015-026 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY-LAW NO. 2015-026
BEING A BY-LAW TO AUTHORIZE THE TREASURER TO PAY OUT
THE WATER INFRASTRUCTURE LOAN FROM THE ROYAL BANK OF CANADA
AS AUTHORIZED BY BY-LAW NO.2009-095 and BY-LAW NO. 2009-108
WHEREAS on August 13, 2009 the Council of the Corporation of the Municipality of Bayham
passed By-law No. 2009-095, being a by-law to authorize temporary borrowing for the water
infrastructure renewal project;
AND WHEREAS on September 17, 2009 the Council of the Corporation of the Municipality of
Bayham authorized borrowing three hundred, fifty eight thousand, six hundred thirty three
dollars ($358,633.00)from the Royal Bank of Canada on a ten (10) year term loan at a rate of
4.1% to fund the water infrastructure renewal project;
AND WHEREAS on March 10, 2015 the water infrastructure renewal project loan has an
outstanding value of$214,083.89;
AND WHEREAS the Council of the Corporation of the Municipality of Bayham now deems it
prudent to pay out the remainder of the water infrastructure renewal loan from the Water
Reserve Account to reduce the incurrence of debt.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF
BAYHAM ENACTS A BY-LAW AS FOLLOWS:
1. THAT the Council of the Corporation of the Municipality of Bayham direct the Treasurer to
utilize funds in the amount of$214,083.89 from the Water Reserve Account to pay out the
remainder of the Royal Bank credit facility, inclusive of costs of borrowing, for the water
infrastructure renewal project.
2. THAT By-law No. 2009-095 and By-law No. 2009-108 be repealed in their entirety.
3. THAT this By-law shall take effect on the day of passing.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 12TH DAY
OF MARCH 2015.
m . OR CLERK