Loading...
HomeMy WebLinkAboutBy-law No. 1999-010 CORPORATION OF THE MUNICIPALITY OF BAYHAM BY-LAW NO. 99-10 BEING A BY-LAW TO AUTHORIZE BORROWING FROM TIME TO TIME TO MEET CURRENT EXPENDITURES DURING THE FISCAL YEAR ENDING DECEMBER 31, 1999. WHEREAS the Municipal Acts R.S.O. 1990, Chapter M45, Section 187, provides authority for a council by-law to authorize the head of Council and the Treasurer to borrow from time to time, by way of promissory note or bankers' acceptance, such sums as the council considers necessary to meet,until taxes are collected,and until other revenues are received,the current expenditures of the Corporation for the year, AND WHEREAS the total amount which may be borrowed from all sources at any one time to meet the current expenditures of the Corporation,except with the approval of the Municipal Board, is limited by Section 187 of the Municipal Act. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF BAYHAM ENACTS AS FOLLOWS: Borrowing 1) The head of Council and the Treasurer are hereby authorized to Authority borrow from time to time by way of promissory note or bankers' acceptance during the year 1999 (hereinafter referred to as the current year)such sums as may be necessary to meet,until the taxes are collected, and until other revenues are received,the current expenditures of the Corporation and the other amounts that are set out in subsection 187 (1) of the Municipal Act. Instruments 2) A promissory note or bankers' acceptance made under Section 1 shall be signed by the head of Council or such other person as is authorized by by-law to sign it and by the Treasurer. Lenders 3) The lenders from whom amounts may be borrowed under authority of this by-law shall be the Canadian Imperial Bank of Commerce and such other lender(s) and reserve funds of the municipality as may be determined from time to time by resolution of the Council. Limit on 4) The total amount which may be borrowed at any one time under Borrowing this by-law, together with the total of any similar borrowings that have not been repaid, shall not exceed, from January 1st until September 30th of the current year, 50 percent of the estimated revenues of the Corporation as set forth in the estimates adopted for that year. Such borrowing shall not exceed, from October 1st until December 31st of the current year, 25 percent of the said estimated revenues of the Corporation as set forth in the estimates adopted for that year. For purposes of this by-law,the estimated revenues of the Corporation shall not include revenues derivable or derived from (a) borrowings or issues of debentures,or (b) a surplus, including arrears of levies, or (c) a transfer from the capital fund, reserve funds or reserves. Borrowing 5) The Treasurer shall, at the time when any amount is borrowed Documents under this by-law, ensure that the lender is or has been furnished Required with a certified copy of this by-law, a certified copy of the resolution mentioned in Section 3 determining the lender if applicable and a certified copy of the estimates of the corporation adopted for the current year and also showing the total of any other amounts borrowed from any and all sources under authority of Section 187 ofthe Municipal Act that have not been repaid. MUNICIPALITY OF BAYHAM BY-LAW NO. 99-10 Page 2 When 6) If the estimates for the current year have not been adopted at the Estimates Not time an amount is borrowed under this by-law. Adopted (a) the limitation on total borrowing, as set out in Section 4, shall be calculated for the time being upon the estimated revenues of the Corporation as set forth in the estimated adopted for the next preceding year, and (b) the certified copy furnished under Section 5 shall show the nature and amount of the estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding year. Charge on 7) All or any sums borrowed under this by-law shall, with interest Revenues thereon, be a charge upon the whole of the revenues of the Corporation for the current year and for any preceding years as and when such revenues are received but such charge does not defeat or affect and is subject to any prior charge then subsisting in favour of any other lender. Directive to 8) The Treasurer is hereby authorized and directed to apply in Treasurer payment of all or any sums borrowed under this by-law,together with interest thereon, all or any of the money hereafter collected or received, either on account of or realized in respect of the taxes levied for the current year and preceding years or from any other source,which may lawfully be applied for such purpose. Effective Date 9) This by-law shall come into force on the 4th day of February, 1999. Read a first and second time this 4th day of February, 1999. -7// , A .114 MAYO CLERK Read a third time and finally passed this 4th day of February, 1999. MAYOR CLERK July 26 , 1999 Mrs Suzanna Mantel AG14 i ct '. C e '_ Treasurer The Corporation of the Municipality of Bayham Straffordville, Ontario NOJ 1Y0 Dear Madam: CREDIT AGREEMENT Canadian Imperial Bank of Commerce ( '°'"CIBC" ) is pleased to confirm that, subject to the acceptance of The Corporation of the Municipality of Bayham (the "Customer" ) , CIBC has established in favour of the Customer various demand credit facilities (each a "Facility" ) as set out below. The provisions are as follows : Facility A - Operating Loan Credit Limit C$700 , 000 . 00 Type & A demand credit facility under which the Customer Availment may obtain on a revolving basis Canadian dollar loans Interest Rate Prime Rate minus . 50 . %. per year Purpose For the Customer' s 99 current expenditures Special Demand Loan note form 62D signed in accordance Provisions/ with signing authorities on file is to be provided for each advance under this facility Scheduled The revolving loan will fluctuate in increments Repayment of C$10 , 000 . 00 2 Facility B Capital Loan 57 , 100 . 00 Type and - ilment A demand credit facility unser w- ' - - Customer may obtain on a non-revolt'' -• basis Canadian Dollar loans . Interest rate Prime e minus . 50% •- year, payable monthly Purpose To meet ca. ' - penditures Schedule Payments . .sect to earlier req -d payment on demand as set out below, the C - .mer will pay to 1 CIBC all principal amounts ou anding in 48 principal instalments commencing ! days after date of draw down and with the - ? th payment any other amounts then outstan:i:ng` '\\- dor or accrued under this facility Facility C - Corporate VISA Line Credit Limit C$6 , 000 Type Corporate VISA line, subject to the Customer signing CIBC' s usual documentation Balance to be liquidated monthly General Provisions Credit Usage The Customer will ensure that the total of the Restriction Credit Usages for all Facilities does not at any time exceed C$763 , 100 . 00 . Pricing Protection. The customer acknowledges that each fee, interest rate and other charge for all the Customer' s banking arrangements with CIBC is priced dependent upon the others . If the Customer cancels any of those banking arrangements, the Customer agrees to be bound to any increased or added fees, interest rates, and charges (as CIBC may determine and notify the Customer) , effective from the date of such cancellation. 3 Increased Costs, Losses, Forgone Return, Etc. If CIBC determines (in its sole and absolute discretion) that any new legal requirement or official regulatory directive or request (including, without limitation, that calling for new or increased reserves, special deposits, tax, capital or other allocation, but excluding that solely imposing increased tax on CIBC' s general income) has or will have the direct or indirect effect of : (a) increasing the cost to CIBC of maintaining any commitment or performing any obligation under this Agreement ; (b) reducing any amount received or receivable by CIBC or its effective return in connection with this Agreement or on its capital ; or (c) causing CIBC to make any payment or to forgo any return based on any amount received or receivable by CIBC in connection with this Agreement ; then the Customer will immediately pay to CIBC such additional amount or amounts as shall compensate CIBC for any such cost, reduction, payment or forgone return. Any certificate of CIBC as to any such compensation shall, except for demonstrable error, be conclusive and binding upon the Customer. In determining such compensation, CIBC may use any method of averaging and attribution that it (in its sole and absolute discretion) considers applicable 4 Loss of Return Due to Capital Requirements Only. If CIBC determines (in its sole and absolute discretion) that any new legal requirement or official regulatory directive or request affects or would affect the amount of capital required or expected to be maintained by CIBC and that the rate of return on CIBC' s capital is, as a result of CIBC' s commitment or other obligations under this Agreement, reduced to a level below that which CIBC could have achieved but for the occurrence of such new requirement, directive or request, then and in each such case upon notice from time to time by CIBC to the Customer, the Customer will immediately pay to CIBC such additional amount or amounts as shall compensate CIBC for any such reduction in rate of return. Any certificate of CIBC as to any such compensation shall, except for demonstrable compensation, be conclusive and binding upon the Customer. In determining such compensation, CIBC may use any method of averaging and attribution that it (in its sole and absolute discretion) considers applicable. Prepayment Clause . The Customer may prepay all or any portion of loans outstanding under Facilities A, B, so long as (i) such prepayment is from internally generated cash flow or proceeds of issuance of subordinated debt or equity . Any non- scheduled prepayment under a Facility made during any non-revolving portion of its term will permanently reduce the Credit Limit for that Facility and will be applied to any scheduled repayment instalments under the Facility in inverse order of maturity. Confidentiality Clause. The Customer acknowledges and agrees that the terms and conditions recited herein are confidential between the Customer and the CIBC. The Customer agrees not to disclose the information contained herein to a third party without the expressed consent of CIBC. Repayment and CIBC may on demand require immediate payment of Facility all amounts outstanding or accrued in connection Cancellation with this Agreement . CIBC may, at any time, for any reason and without notice, cancel the undrawn portions of the Facilities 5 • Security All security CIBC may now and from time to time hold, plus : (1) Current Expenditure Borrowing By-Law for 1999 on CIBC form 100 . Next June 30 , 2000 Scheduled Review Date Please indicate acceptance by returning a signed copy of this Agreement . 6 Upon acceptance, this Agreement revises the existing Credit Agreements of The Corporation of the Municipality of Bayham dated October 16 , 1998 between the Customers and CIBC, with outstanding availments and security under that Agreement considered to be continuing availments and Security under this Agreement Yours truly, Canadian Imperial Bank )opf Commerce by: K. A•: ulJJ y�ak.1i Ac`cbunt M4n.ager Acknowledgement. The undersigned acknowledges that the Customer has received a copy of this Credit Agreement (which includes the attached schedule (s) referred to above) . Accepted July , 1999 . The Corporation of the Municipality of Bayham by: g/Zef-"Jcra2rt Name : Title :Mayor _ by: jtjQ � Name : Suzanna Mantel Title .Administi artcri/CluT,k-Treasurer CORPORATION OF THE MUNICIPALITY OF BAYHAM BY-LAW NO.99-10 BEING A BY-LAW TO AUTHORIZE BORROWING FROM TIME TO TIME TO MEET CURRENT EXPENDITURES DURING THE FISCAL YEAR ENDING DECEMBER 31, 1999. WHEREAS the Municipal Act,R.S.O. 1990,Chapter M45,Section 187.provides authority for a council by-law to authorize the head of Council and the Treasurer to borrow from time to time. by way of promissory note or bankers' acceptance,such sums as the council considers necessary to meet,until taxes are collected,and until other revenues are received,the current expenditures of the Corporation for the year. AND WHEREAS the total amount which may be borrowed from all sources at any one time to meet the current expenditures of the Corporation,except with the approval of the Municipal Board,is limited by Section 187 of the Municipal Act. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF BAYHAM ENACTS AS FOLLOWS: Borrowing 1) The head of Council and the Treasurer are hereby authorized to Authority borrow from time to time by way of promissory note or bankers' acceptance during the year 1999(hereinafter referred to as the current year)such sums as may be necessary to meet,until the taxes are collected,and until other revenues are received,the current expenditures of the Corporation and the other amounts that are set out in subsection 187(I)of the Municipal Act. Instruments 2) A promissory note or bankers' acceptance made under Section 1 shall be signed by the head of Council or such other person as is authorized by by-law to sign it and by the Treasurer. Lenders 3) The lenders from whom amounts may be borrowed under authority of this by-law shall be the Canadian Imperial Bank of Commerce and such other lender(s)and reserve funds of the municipality as may he determined from time to time by resolution of the Council. Limit on 4) The total amount which may be borrowed at any one time under Borrowing this by-law.together with the total of any similar borrowings that have not been repaid,shall not exceed, from January 1st until September 30th of the current year, 50 percent of the estimated revenues of the Corporation as set forth in the estimates adopted 1, LYNDA MILLARD, CLERK -Tor that year. Such borrowing shall not exceed, from October 1st of ft'? Corporation of the MunicIpallty of Bayham,until December 31st of the current year,25 percent of the said CC ' foregoing is a certified true cop estimated revenues of the Corporation as set forth in the estimates ...;L day of adopted for that year. For purposes of this by-law,the estimated A f} revenues of the Corporation shall not include revenues derivable or derived from (a) borrowings or issues of debentures,or (b) a surplus,including arrears of levies,or (c) a transfer from the capital fund,reserve funds or reserves. Borrowing 5) The Treasurer shall,at the time when any amount is borrowed Documents under this by-law,ensure that the lender is or has been furnished Required with a certified copy of this by-law,a certified copy of the resolution mentioned in Section 3 determining the lender if applicable and a certified copy of the estimates of the corporation adopted for the current year and also showing the total of any other amounts borrowed from any and all sources under authority of Section 187 ofthe Municipal Act that have not been repaid. 1