40-2003ApplyforOMEIFAFunding - Laserfiche WebLink

Home Browse Search

THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 40 -2003 A BY -LAW TO AUTHORIZE CERTAIN CAPITAL WORKS OF THE CORPORATION OF THE COUNTY OF ESSEX (THE "MUNICIPALITY "); TO AUTHORIZE SUBMITTING AN APPLICATION TO THE ONTARIO MUNICIPAL ECONOMIC INFRASTRUCTURE FINANCING AUTHORITY ( "OMEIFA ") FOR FINANCING SUCH CAPITAL WORKS AND TO AUTHORIZE LONG TERM BORROWING FOR SUCH WORKS THROUGH THE ISSUE OF DEBENTURES WHEREAS the Municipal Act, 2001 (Ontario), as amended, (the "Act") provides that a municipal power shall be exercised by by -law unless the municipality is specifically authorized to do otherwise; AND WHEREAS it is now deemed to be expedient to authorize for the municipal purposes of the Municipality the new capital works described in column (2) of Schedule "A' (individually a "Project", collectively the "Projects ") attached hereto and forming part of this By -law ( "Schedule "A " ") in the amount of the respective estimated expenditure set out in column (3) of Schedule "A', subject in each case to approval by OMEIFA of the fmancing for such Projects that will be requested by the Municipality in the Application as hereinafter described; AND WHEREAS in accordance with section 4 of Ontario Regulation 403/02, the Council of the Municipality has had its Treasurer update its most recent annual debt and fmancial obligation limit received from the Ministry of Municipal Affairs and Housing (as so updated, the "Updated Limit "), and, on the basis of the authorized expenditure for each Project as set out in column (3) of Schedule "A" ( "Authorized Expenditure "), the Treasurer has calculated the estimated annual amount payable in respect of each Project (collectively the "Project Limits ") and has determined that the aggregate of the Project Limits would not exceed the Updated Limit, and accordingly the approval of the Ontario Municipal Board under the Ontario Municipal Board Act (Ontario), as amended, is not required before any such Project is authorized by Council; AND WHEREAS subsection 405(l) of the Act provides that a municipality may authorize temporary borrowing to meet expenditures made in connection with a work to be financed in whole or in part by the issue of debentures if, (a) the municipality is an upper -tier municipality, a lower -tier municipality in a county or a single -tier municipality and it has approved the issue of debentures for the work; (b) the municipality is a lower -tier municipality in a regional municipality and it has approved the work and the upper -tier municipality has approved the issue of debentures for the work; or