HomeMy WebLinkAboutBy-law No. 1998-060 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY-LAW NO. 98-40
"A By-law authorizing THE CORPORATION OF THE
MUNICIPALITY OF BAYHAM to enter into an agreement pursuant
to which The Corporation of the City of London will issue
debentures in an amount sufficient to pay to the Ontario Clean Water
Agency in full the total balance of capital owing in respect of the
Elgin Area Primary Water Supply System and all related fees"
WHEREAS the municipalities which currently have water provided to them by
the Elgin Area Primary Water System(the "Elgin Area Waterworks System") and to which
the works, properties and assets required by the Province for the purpose of the Elgin Are a
Waterworks System will be jointly transferred pursuant to section 2 of the Municipal Water
and Sewage Transfer Act, 1997 are noted in the attached Schedule "A" (such municipalities
are hereinafter respectively referred to by the defined terms set out in Schedule "A");
AND WHEREAS each of the municipalities set forth in Schedule "A" (the
"Participating Municipalities") is required to make payments on account of capital costs
I
(principal and interest)in respect of the Elgin Area Waterworks System to the Ontario Clean
Water Agency ("OCWA") until the balance of the capital has been paid in full and the
Participating Municipalities have agreed pursuant to section 124 of the Municipal Act to enter
into an agreement in the form set out in the attached Schedule "B " (the "Agreement") to
authorize London to issue debentures in an amount sufficient to pay to OCWA in full the total
balance of capital owing by the Participating Municipalities in respect of the Elgin Area
Waterworks System plus all related fees (the"Debentures").
AND WHEREAS the Treasurer has calculated an updated limit for THE
CORPORATION OF THE MUNICIPALITY OF BAYHAM (the "Corporation") using
its most recent debt and financial obligation limit determined by the Ministry of Municipal
Affairs and Housing in accordance with the provisions of Ontario Regulation 799/94, as
amended
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and has calculated the estimated amount payable by the Corporation pursuant to the
Agreement and has determined that such estimated annual amount payable would not caus e
the Corporation to exceed the updated limit.
NOW THEREFORE the Council of the Corporation hereby enacts as follows:
1. On behalf of the Corporation, the Mayor and the Clerk of the Corporation are
hereby authorized to enter into the Agreement and are hereby authorized generally to do
all things and execute all documents and other papers in the name of the Corporation in
order to facilitate the issue of the Debentures.
2. The Clerk of the Corporation is hereby authorized to affix the seal of the
Corporation to all such documents and papers including the Agreement.
FINALLY PASSED this.n J day of C iA l y . 1998.
Mayor
Clerk
K:IBANK\KRR\OCWAIBXECUTIOIBYLAW3.BAY
THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
SCHEDULE "A" TO BY-LAW NO. 98-58
Participating Municipality Defined Term
The Corporation of the Town of Aylmer "Aylmer"
The Corporation of the Municipality of Bayham `Bayham"
The Corporation of the Municipality of Central Elgin "Central Elgin"
The Corporation of the City of London "London"
The Corporation of the Township of Malahide "Malahide"
The Corporation of the Township of Southwold "Southwold"
The Corporation of the City of St. Thomas "St. Thomas"
THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
SCHEDULE "B" TO BY-LAW NO. 98-58
THE ELGIN AREA PRIMARY WATER SUPPLY AGREEMENT