HomeMy WebLinkAboutBy-law No. 2015-035 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY-LAW NO. 2015-035
BEING A BY-LAW TO AUTHORIZE EXTERNAL BORROWING
IN THE AMOUNT OF SIX MILLION DOLLARS($6,000,000.00)
FROM THE TORONTO-DOMINION BANK FOR THE PURPOSES OF
THE IMNICIPALITY 0:= BAYHAM
WHEREAS on March 12, 2015 Council passed By-law No. 2015-027 being a by-law to
authorize external borrowing in the amount of six million dollars ($6,000,000)from The Toronto-
Dominion Bank ("TD") and due to credit approval and loan agreement configuration the loan
agreement was not attached to By-law No. 2015-027 as Schedule 'A'.
AND WHEREAS the Council of Municipality of Bayham desires to enter into a financial
arrangement, with the The Toronto Dominion Bank 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 Toronto-Dominion Bank attached hereto as Schedule 'A', on behalf
of the Municipality;
2. THAT this by-law be affixed to By-law No. 2015-027;
3. THAT the Mayor and Clerk be authorized to execute the Mutual Release of the Letter of
Credit with the Royal Bank of Canada ("RBC");
4. THAT 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;
5. THAT this By-law shall take effect on the day of passing.
READ A FIRST, SECOND C-40 TH:RD TIME AND FIPALLY PASSEL THIS 19TH DAY OF
MARCH 2015.
„zp
MAYOR CLERK