HomeMy WebLinkAboutBy-law No. 1999-055 CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 99-55
A BY-LAW TO AUTHORIZE THE PURCHASE OF REAL
PROPERTY COMPRISING PLAN 258,LOT 3,PART
LOT 22, CONCESSION 8, 56967 EDEN LINE, IN THE
HAMLET OF EDEN,IN THE MUNICIPALITY OF BAYHAM
WHEREAS Section 191 (1) of the Municipal Act, R.S.O. 1990 Chapter M.45 as amended
authorizes municipalities to pass by-laws for acquiring or expropriating any land required for the
purposes of the corporation, and for erecting and repairing buildings thereon, and for making
additions to or alterations of such buildings, and may sell or otherwise dispose of the same when no
longer required;
AND WHEREAS Section 207 (52) authorizes municipalities to pass by-laws for acquiring real
property for the purpose of establishing public parks;
AND WHEREAS Section 147 (1) of the Municipal Act, R.S.O. 1990 Chapter M 45 as amended
authorizes municipalities to incur debt for the purposes of the municipality;
AND WHEREAS the Council of the Municipality of Bayham is desirous of acquiring real
property for the purpose of the corporation, for a sum of ninety-one thousand dollars ($91,000.00),
plus legal fees and land transfer tax,property described as Plan 258,Lot 3, Part Lot 22, Concession
8, South Side Eden Line, in the Hamlet of Eden, Municipality of Bayham, to close on August 31,
1999;
AND WHEREAS the Council of the Municipality of Bayham deems it necessary to approve the
Agreement of Purchase and Sale and financing of such by by-law;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICPALITY OF
BAYHAM ENACTS AS FOLLOWS:
1. THAT the Council of the Municipality of Bayham authorize the Mayor and Clerk to
execute such documents as may be necessary to provide for the purchase of real property
being Plan 258, Lot 3, Part Lot 22, Concession 8, 56967 Eden Line (South Side), in the
Hamlet of Eden, in the Municipality of Bayham, from the Thames Valley District School
Board;
2. THAT the purchase price be ninety-one thousand dollars ($91,000.00), plus legal fees and
land transfer tax,payable to the Vendor on August 31, 1999;
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By-law 99-55 Page 2
3. THAT the Corporation of the Municipality of Bayham directs the Treasurer to withdraw
any and all available funds from the Park Reserve Fund and the Eden Improvement Reserve
Fund for the purchase of the said real property;
4. THAT The Corporation of the Municipality of Bayham may borrow, on the credit of the
Corporation, the amount of $ 57,100.00, being the balance required to purchase of the
said real property, by arranging for the issue of debentures on its behalf:
(a) Such debentures shall be made payable within five (5) years from the date of the
debenture and shall bear interest at a rate of 6.50 % per annum;
(b) A payment shall be made each year on the 31' day of August to redeem principal
and interest as set forth in the attached Schedule "B";
5. AND THAT the said Agreement of Purchase and Sale is attached hereto as Schedule "A"
and forms part of this By-law.
READ A FIRST AND SECOND TIME this 19th day of August,1999.
READ A THIRD TIME AND FINALLY PASSED this 19th day of August, 1999.
l i 1-1
r R CLERK
Municipality of Bayham
By-Law 99-55
Schedule "B"
Debenture
Eden School Property
Loan Issue Date: August 31, 1999
Interest Rate: 6.25%
Date Payment Interest Principal Balance
31-Aug-99 $57,100.00
31-Aug-00 $16,573.01 $3,568.75 $13,004.26 $44,095.74
31-Aug-01 $16,573.01 $2,755.98 $13,817.03 $30,278.71
31-Aug-02 $16,573.01 $1,892.42 $14,680.59 $15,598.12
31-Aug-03 $16,573.01 $974.88 $15,598.13 $0.00
eden.deb
8/11/99