17-2005 Borrowing from OSIFA - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 17-2005 A BY-LAW TO AUTHORIZE THE APPLICATION TO THE ONTARIO STRATEGIC INFRASTRUCTURE FINANCING AUTHORITY ("OSIFA") FOR FINANCING OF CERTAIN CAPITALWORKS; AND TO AUTHORIZE TEMPORARY AND LONG TERM BORROWING FROM OSIFA 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 subsection 401(1) of 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 fmancial instruments and enter prescribed fmancial agreements for or in relation to the debt; AND WHEREAS subsection 401 (2)(a) ofthe Act provides that the municipal purposes referred to in subsection 401(1) include, among other purposes, 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 Council of The Corporation ofthe County of Essex (the "Municipality") has received applications pursuant to Section 404 of the Act from The Corporation ofthe Municipality of Leamington, The Corporation of the Town of Kingsville, The Corporation of the Town of Essex and The Corporation of the Town of Lakeshore (individually an "Applicant Municipality", collectively the "Applicant Municipalities") to incur debt and issue debentures of the Municipality in respect of the respective Applicant Municipality's Projects (individually a "Project", collectively the "Projects") enumerated in column (2) of Schedule "A" attached hereto and forming part of this By-law ("Schedule "A") with interest thereon, representing the estimated costs related to each Applicant Municipality's Project in the respective amount specified in each such application and it is deemed to be expedient for the Municipality to approve the respective application of each Applicant Municipality;