HomeMy WebLinkAboutBy-law No. 2015-027 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY-LAW NO. 2015-027
BEING A BY-LAW TO AUTHORIZE THE EXTERNAL
BORROWING UPON DEBENTURES IN THE AMOUNT OF SIX
MILLION DOLLARS($6,000,000.00) FROM THE TORONTO-
DOMINION BANK("TD") FOR THE PURPOSES OF THE
MUNICIPALITY OF BAYHAM
WHEREAS on April 5th, 2012 the Council of the Corporation of the Municipality of Bayham
passed By-law No. 2012-037, being a by-law, passed pursuant to Section 107 of the Municipal
Act, 2001, as amended, to authorize the execution of a Guarantorship Agreement between the
Municipality of Bayham and the Elgin Military Museum;
AND WHEREAS on August 2"6, 2012 the Council of the Corporation of the Municipality of
Bayham passed By-law No. 2012-089, being a by-law to authorize an irrevocable standby letter
of credit with the Royal Bank of Canada in the amount of six million dollars ($6,000,000.00);
AND WHEREAS on March 10, 2015 the Royal Bank of Canada called upon the Municipality of
Bayham standby letter of credit in the amount of six million dollars ($6,000,000.00);
AND WHEREAS Section 401(1) of the Municipal Act, 2001, S.O. 2001, c. 25, as amended
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 Municipality of Bayham Treasurer updated the Municipality of Bayham's
most recent annual debt and financial obligation limit received from the Ministry of Municipal
Affairs and Housing in accordance with the applicable regulation and, prior to authorizing the
financial arrangement, the Treasurer determined that the estimated annual amount payable in
respect of the proposed financial arrangement, would not cause the Municipality to exceed the
updated limit of annual debt and financial obligations and that the approval of the proposed
financial arrangement, by the Ontario Municipal Board, was not required;
AND WHEREAS the Council of Municipality of Bayham desires to enter into a financial
arrangement, with The Toronto-Dominion Bank ("TD") for a ten (10) year term loan, twenty-
five year(25) amortization period, in the amount of six million dollars ($6,000,000.00), at a rate
of interest of 2.71% per annum.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF
BAYHAM ENACTS A BY-LAW AS FOLLOWS:
1. THAT the Mayor and the Treasurer are hereby authorized to execute the financial
arrangements with the The Toronto-Dominion Bank ("TD") attached hereto as Schedule 'A',
on behalf of the Municipality.
2. THAT the proceeds realized in respect of the long term loan shall be applied to the costs
incurred for the Municipality of Bayham Project Ojibwa letter of credit financing.
3. THAT the Treasurer is authorized to make the monthly principal and interest payments
outlined in Schedule 'B' to satisfy the requirements of the long term loan arrangement with
The Toronto-Dominion Bank ("TD").
4. THAT the Treasurer shall present a refinancing plan for the amount outstanding as at
March 20, 2025 noted on Schedule 'B', at the last meeting of Council prior to March 20,
2025.
a. Note: Payments may vary slightly due to daily interest calculations
5. THAT this By-law shall take effect on the day of passing.
READ A FIRST, SECOND APJ TH:RD TIME AND FINALLY PASSED THIS 12TH DAY OF
MARCH 2015.
44\' \/c,ili- -i--2,HrN
MAYOR CLERK
ID Commercial Banking
COMMERCIAL LOAN AMORTIZATION SCHEDULE
Enter values Client Name:Municipality of Bayham
Loan amount $ 6,000,000.00 Soles Branch: London CBC
Annual Interest Rate 2.71 % Loan Number:TBD _
Monthly Equivalent Rate_ 2.71 %
Rate Term In months 120 Loan summary
Amortization period In months 300 61 Scheduled payment actual $ 27,557.15
Number of payments per year 12 Payment frequency monthly
Start Date 20-Mar-15 Scheduled number of payments 120
First Payment Date 20-Apr-15 Total interest $ 1,380,289.49
Rate Term Maturity Date W7.rot,GJ,)025 Balance at End of Rate Term $ 4,073,431.49
PytNo
Payment Dale Beginning Balance Scheduled Payment Principal Interest Ending Balance Cumulative Interest Days
1 20/04/2015 6,000,000.00 27,557.15 13,747.29 13,809.86 5,986,252.71 13,809.86 31
2 20/05/2015 5,986,252.71 27,557.15 14,223.39 13,333.76 5,972,029.33 27,143.63 30
3 20/06/2015 5,972,029.33 27,557.15 13,811.67 13,745.48 5,958,217.66 40,889.11 31
4 20/07/2015 5,958,217.66 27,557.15 14,285.83 13,271.32 5,943,931.83 54,160.43 30
5 20/08/2015 5,943,931.83 27,557.15 13,876.34 13,680.81 5,930,055.49 67,841.24 31
6 20/09/2015 5,930,055.49 27,557.15 13,908.27 13,648.88 5,916,147.22 81,490.12 31
7 20/10/2015 5,916,147.22 27,557.15 14,379.54 13,177.61 5,901,767.68 94,667.73 30
8 20/11/2015 5,901,767.68 27,557.15 13,973.38 13,583.77 5,887,794.30 108,251.50 31
9 20/12/2015 5,887,794.30 27,557.15 14,442.69 13,114.46 5,873,351.60 121,365.95 30
10 20/01/2016 5,873,351.60 27,557.15 14,038.79 13,518.36 5,859,312.82 134,884.32 31
11 20/02/2016 5,859,312.82 27,557.15 14,071.10 13,486.05 5,845,241.72 148,370.37 31
12 20/03/2016 5,845,241.72 27,557.15 14,971.46 12,585.69 5,830,270.25 160,956.05 29
13 20/04/2016 5,830,270.25 27,557.15 14,137.94 13,419.21 5,816,132.31 174,375.26 31
14 20/05/2016 5,816,132.31 27,557.15 14,602.31 12,954.84 5,801,530.00 187,330.10 30
15 20/06/2016 5,801,530.00 27,557.15 14,204.09 13,353.06 5,787,325.90 200,683.15 31
16 20/07/2016 5,787,325.90 27,557.15 14,666.48 12,890.67 5,772,659.43 213,573.83 30
17 20/08/2016 5,772,659.43 27,557.15 14,270.54 13,286.61 5,758,388.88 226,860.43 31
18 20/09/2016 5,758,388.88 27,557.15 14,303.39 13,253.76 5,744,085.49 240,114.19 31
19 20/10/2016 5,744,085.49 27,557.15 14,762.79 12,794.36 5,729,322.70 252,908.55 30
20 20/11/2016 5,729,322.70 27,557.15 14,370.29 13,186.86 5,714,952.41 266,095.41 31
21 20/12/2016 5,714,952.41 27,557.15 14,827.68 12,729.47 5,700,124.73 278,824.88 30
22 20/01/2017 5,700,124.73 27,557.15 14,437.49 13,119.66 5,685,687.24 291,944.54 31
23 20/02/2017 5,685,687.24 27,557.15 14,470.72 13,086.43 5,671,216.52 305,030.97 31
24 20/03/2017 5,671,216.52 27,557.15 15,767.23 11,789.92 5,655,449.28 316,820.88 28
25 20/04/2017 5,655,449.28 27,557.15 14,540.32 13,016.83 5,640,908.96 329,837.71 31
26 20/05/2017 5,640,908.96 27,557.15 14,992.60 12,564.55 5,625,916.36 342,402.26 30
27 20/06/2017 5,625,916.36 27,557.15 14,608.29 12,948.86 5,611,308.06 355,351.11 31
28 20/07/2017 5,611,308.06 27,557.15 15,058.54 12,498.61 5,596,249.52 367,849.72 30
29 20/08/2017 5,596,249.52 27,557.15 14,676.58 12,880.57 5,581,572.95 380,730.30 31
30 20/09/2017 5,581,572.95 27,557.15 14,710.36 12,846.79 5,566,862.59 393,577.09 31
31 20/10/2017 5,566,862.59 27,557.15 15,157.54 12,399.61 5,551,705.05 405,976.70 30
32 20/11/2017 5,551,705.05 27,557.15 14,779.10 12,778.05 5,536,925.95 418,754.75 31
33 20/12/2017 5,536,925.95 27,557.15 15,224.22 12,332.93 5,521,701.74 431,087.69 30
34 20/01/2018 5,521,701.74 27,557.15 14,848.16 12,708.99 5,506,853.58 443,796.68 31
35 20/02/2018 5,506,853.58 27,557.15 14,882.33 12,674.82 5,491,971.24 456,471.49 31
36 20/03/2018 5,491,971.24 27,557.15 16,139.87 11,417.28 5,475,831.37 467,888.77 28
37 20/04/2018 5,475,831.37 27,557.15 14,953.74 12,603.41 5,460,877.64 480,492.19 31
38 20/05/2018 5,460,877.64 27,557.15 15,393.61 12,163.54 5,445,484.03 492,655.73 30
39 20/06/2018 5,445,484.03 27,557.15 15,023.59 12,533.56 5,430,460.45 505,189.30 31
40 20/07/2018 5,430,460.45 27,557.15 15,461.36 12,095.79 5,414,999.09 517,285.09 30
41 20/08/2018 5,414,999.09 27,557.15 15,093.75 12,463.40 5,399,905.34 529,748.49 31
42 20/09/2018 5,399,905.34 27,557.15 15,128.49 12,428.66 5,384,776.85 542,177.15 31
43 20/10/2018 5,384,776.85 27,557.15 15,563.11 11,994.04 5,369,213.73 554,171.18 30
44 20/11/2018 5,369,213.73 27,557.15 15,199.13 12,358.02 5,354,014.60 566,529.20 31
45 20/12/2018 5,354,014.60 27,557.15 15,631.63 11,925.52 5,338,382.97 578,454.72 30
46 20/01/2019 5,338,382.97 27,557.15 15,270.09 12,287.06 5,323,112.88 590,741.78 31
47 20/02/2019 5,323,112.88 27,557.15 15,305.24 12,251.91 5,307,807.64 602,993.69 31
48 20/03/2019 5,307,807.64 27,557.15 16,522.73 11,034.42 5,291,284.91 614,028.11 28
49 20/04/2019 5,291,284.91 27,557.15 15,378.50 12,178.65 5,275,906.41 626,206.76 31
50 20/05/2019 5,275,906.41 27,557.15 15,805.61 11,751.54 5,260,100.80 637,958.30 30
51 20/06/2019 5,260,100.80 27,557.15 15,450.27 12,106.88 5,244,650.53 650,065.18 31
52 20/07/2019 5,244,650.53 27,557.15 15,875.23 11,681.92 5,228,775.30 661,747.10 30
53 20/08/2019 5,228,775.30 27,557.15 15,522.37 12,034.78 5,213,252.93 673,781.88 31
54 20/09/2019 5,213,252.93 27,557.15 15,558.10 11,999.05 5,197,694.83 685,780.93 31
55 20/10/2019 5,197,694.83 27,557.15 15,979.82 11,577.33 5,181,715.01 697,358.26 30
56 20/11/2019 5,181,715.01 27,557.15 15,630.69 11,926.46 5,166,084.32 709,284.72 31
57 20/12/2019 5,166,084.32 27,557.15 16,050.23 11,506.92 5,150,034.10 720,791.65 30
58 20/01/2020 5,150,034.10 27,557.15 15,703.61 11,853.54 5,134,330.49 732,645.19 31
59 20/02/2020 5,134,330.49 27,557.15 15,739.75 11,817.40 5,118,590.74 744,462.59 31
60 20/03/2020 5,118,590.74 27,557.15 16,536.05 11,021.10 5,102,054.69 755,483.69 29
61 20/04/2020 5,102,054.69 27,557.15 15,814.04 11,743.11 5,086,240.65 767,226.80 31
62 20/05/2020 5,086,240.65 27,557.15 16,228.07 11,329.08 5,070,012.58 778,555.88 30
63 20/06/2020 5,070,012.58 27,557.15 15,887.79 11,669.36 5,054,124.79 790,225.24 31
64 20/07/2020 5,054,124.79 27,557.15 16,299.61 11,257.54 5,037,825.19 801,482.79 30
65 20/08/2020 5,037,825.19 27,557.15 15,961.87 11,595.28 5,021,863.31 813,078.06 31
66 20/09/2020 5,021,863.31 27,557.15 15,998.61 11,558.54 5,005,864.71 824,636.61 31
67 20/10/2020 5,005,864.71 27,557.15 16,407.10 11,150.05 4,989,457.60 835,786.65 30
68 20/11/2020 4,989,457.60 27,557.15 16,073.20 11,483.95 4,973,384.41 847,270.61 31
PytNo
Payment Date Beginning Balance Scheduled Payment Principal Interest Ending Balance Cumulative Interest Days
69 20/12/2020 4,973,384.41 27,55715 16,479.45 11,077.70 4,956,904.96 858,348.31 30
70 20/01/2021 4,956,904.96 27,557.15 16,148.12 11,409.03 4,940,756.84 869,757.34 31
71 20/02/2021 4,940,756.84 27,557.15 16,185.29 11,371.86 4,924,571.55 881,129.20 31
72 20/03/2021 4,924,571.55 27,557.15 17,319.44 10,237.71 4,907,252.12 891,366.92 28
73 20/04/2021 4,907,25212 27,557.15 16,262.40 11,294.75 4,890,989.71 902,661.66 31
74 20/05/2021 4,890,989.71 27,557.15 16,662.97 10,894.18 4,874,326.74 913,555.84 30
75 20/06/2021 4,874,326.74 27,557.15 16,338.19 11,218.96 4,857,988.55 924,774.80 31
76 20/07/2021 4,857,988.55 27,557.15 16,736.48 10,820.67 4,841,252.07 935,595.47 30
77 20/08/2021 4,841,252.07 27,557.15 16,414.31 11,142.84 4,824,637.76 946,738.31 31
78 20/09/2021 4,824,837.76 27,557.15 16,452.09 11,105.06 4,808,385.67 957,843.37 31
79 20/10/2021 4,808,385.67 27,557.15 16,846.96 10,710.19 4,791,538.71 968,553.56 30
80 20/11/2021 4,791,538.71 27,557.15 16,528.73 11,028.42 4,775,009.97 979,581.97 31
81 20/12/2021 4,775,009.97 27,557.15 16,921.31 10,635.84 4,758,088.66 990,217.81 30
82 20/01/2022 4,758,088.66 27,557.15 16,605.72 10,951.43 4,741,482.94 1,001,169.24 31
83 20/02/2022 4,741,482.94 27,557.15 16,643.95 10,913.20 4,724,839.00 1,012,082.45 31
84 20/03/2022 4,724,839.00 27,557.15 17,734.66 9,822.49 4,707,104.33 1,021,904.93 28
85 20/04/2022 4,707,104.33 27,557.15 16,723.07 10,834.08 4,690,381.26 1,032,739.01 31
86 20/05/2022 4,690,381.26 27,557.15 17,109.81 10,447.34 4,673,271.45 1,043,186.35 30
87 20/06/2022 4,673,271.45 27,557.15 16,800.94 10,756.21 4,656,470.51 1,053,942.56 31
88 20/07/2022 4,656,470.51 27,557.15 17,185.34 10,371.81 4,639,285.17 1,064,314.37 30
89 20/08/2022 4,639,285.17 27,557.15 16,879.17 10,677.98 4,622,406.00 1,074,992.35 31
90 20/09/2022 4,622,406.00 27,557.15 16,918.02 10,639.13 4,605,487.98 1,085,631.48 31
91 20/10/2022 4,605,487.98 27,557.15 17,298.90 10,258.25 4,588,189.08 1,095,889.73 30
92 20/11/2022 4,588,189.08 27,557.15 16,996.77 10,560.38 4,571,192.31 1,106,450.11 31
93 20/12/2022 4,571,192.31 27,557.15 17,375.29 10,181.86 4,553,817.02 1,116,631.97 30
94 20/01/2023 4,553,817.02 27,557.15 17,075.89 10,481.26 4,536,741.14 1,127,113.24 31
95 20/02/2023 4,536,741.14 27,557.15 17,115.19 10,441.96 4,519,625.95 1,137,555.20 31
96 20/03/2023 4,519,625.95 27,557.15 18,161.28 9,395.87 4,501,464.67 1,146,951.07 28
97 20/04/2023 4,501,464.67 27,557.15 17,196.38 10,360.77 4,484,268.29 1,157,311.84 31
98 20/05/2023 4,484,268.29 27,557.15 17,568.90 9,988.25 4,466,699.38 1,167,300.08 30
99 20/06/2023 4,466,699.38 27,557.15 17,276.40 10,280.75 4,449,422.99 1,177,580.84 31
100 20/07/2023 4,449,422.99 27,557.15 17,646.52 9,910.63 4,431,776.47 1,187,491.47 30
101 20/08/2023 4,431,776.47 27,557.15 17,356.78 10,200.37 4,414,419.69 1,197,691.84 31
102 20/09/2023 4,414,419.69 27,557.15 17,396.73 10,160.42 4,397,022.96 1,207,852.26 31
103 20/10/2023 4,397,022.96 27,557.15 17,763.23 9,793.92 4,379,259.73 1,217,646.18 30
104 20/11/2023 4,379,259.73 27,557.15 17,477.65 10,079.50 4,361,782.07 1,227,725.67 31
105 20/12/2023 4,361,782.07 27,557.15 17,841.73 9,715.42 4,343,940.35 1,237,441.10 30
106 20/01/2024 4,343,940.35 27,557.15 17,558.95 9,998.20 4,326,381.40 1,247,439.30 31
107 20/02/2024 4,326,381.40 27,557.15 17,599.36 9,957.79 4,308,782.04 1,257,397.09 31
108 20/03/2024 4,308,782.04 27,557.15 18,279.69 9,277.46 4,290,502.34 1,266,674.54 29
109 20/04/2024 4,290,502.34 27,557.15 17,681.94 9,875.21 4,272,820.40 1,276,549.75 31
110 20/05/2024 4,272,820.40 27,557.15 18,039.88 9,517.27 4,254,780.52 1,286,067.02 30
111 20/06/2024 4,254,780.52 27,557.15 17,764.16 9,792.99 4,237,016.36 1,295,860.01 31
112 20/07/2024 4,237,016.36 27,557.15 18,119.63 9,437.52 4,218,896.73 1,305,297.53 30
113 20/08/2024 4,218,896.73 27,557.15 17,846.75 9,710.40 4,201,049.98 1,315,007.93 31
114 20/09/2024 4,201,049.98 27,557.15 17,887.83 9,669.32 4,183,162.15 1,324,677.25 31
115 20/10/2024 4,183,162.15 27,557.15 18,239.59 9,317.56 4,164,922.56 1,333,994.81 30
116 20/11/2024 4,164,922.56 27,557.15 17,970.98 9,586.17 4,146,951.58 1,343,580.98 31
117 20/12/2024 4,146,951.58 27,557.15 18,320.24 9,236.91 4,128,631.34 1,352,817.89 30
118 20/01/2025 4,128,631.34 27,557.15 18,054.51 9,502.64 4,110,576.83 1,362,320.53 31
119 20/02/2025 4,110,576.83 27,557.15 18,096.07 9,461.08 4,092,480.76 1,371,781.61 31
120 20/03/2025 4,092,480.76 27,557.15 19,049.27 8,507.88 4,073,431.49 1,380,289.49 28
This Schedule has been provided to you at your request for your convenience. While every reasonable effort has been made to
ensure accurate calculations,we cannot guarantee them. The information contained herein is based on certain assumptions and
Is for illustration purposes only. It is not to be relied on. The terms and conditions of the lending agreements you sign with TD
shall govern your payment obligations and If there Is any Inconsistency between the Information contained In this schedule and
the terms and conditions of the lending agreements,the lending agreements shall govern. Any legal or tax Issues should be
confirmed by your own legal or tax advisors.