50-2003BorrowDebenturesLaSalle - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW NUMBER 50 -2003 BEING A BY -LAW TO AUTHORIZE THE BORROWING UPON DEBENTURES IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,791,000 FOR THE PURPOSES OF THE CORPORATION OF THE TOWN OF LASALLE WHEREAS Subsection 401(1) of the Municipal Act, 2001, as amended (the "Act") provides that a municipality may incur a debt for municipal purposes, whether by borrowing money or in any other way, and may issue debentures and prescribed financial instruments and enter prescribed financial agreements for or in relation to the debt; AND WHEREAS Subsection 401(2)(a) of the Act provides that the municipal purposes referred to in Subsection 401 (1) include, in the case of an upper -tier municipality, the purposes or joint purposes of one or more of its lower -tier municipalities; AND WHEREAS Subsection 404(1) of the Act provides that a municipality may incur debt and issue debentures for another municipality under Subsection 401(2)(a) only if the other municipality applies to the municipality and the municipality agrees; AND WHEREAS The Corporation of the County of Essex (the "Upper - tier Municipality ") has received an application from The Corporation of the Town of LaSalle (the "Applicant Municipality ") to incur debt for the purposes of the Applicant Municipality (individually a "Project ", collectively the "Projects ") set out in Column (2) of Schedule "A" attached hereto and forming part of this By -law ( "Schedule "A " ") and to issue debentures for each such Project in the respective amount specified in Column (5) of Schedule "A'; AND WHEREAS before authorizing the Projects the Applicant Municipality had its Treasurer update its most recent annual debt and financial obligation limit received from the Ministry of Municipal Affairs in accordance with the applicable regulation and, prior to authorizing each Project and prior to authorizing any additional cost amounts and any additional debenture authorities in respect thereof, the Treasurer of the Applicant Municipality determined that the estimated annual amount payable in respect of each Project, each such additional cost amount and each such additional debenture authority would not cause the Applicant Municipality to exceed the updated limit and that the approval of each Project, each such additional cost amount and each such additional debenture authority by the Ontario Municipal Board under the Ontario Municipal Board Act, as amended, was not required;