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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 THAT By-law No. 2009-095 and By-law No. 2009-108 be repealed in their entirety. 3.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