Loading...
By-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 - l - 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