17-2005 Borrowing from OSIFA - Laserfiche WebLink

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AND WHEREAS each Applicant Municipality has passed the by-laws enumerated in column (1) of Schedule "A" authorizing the Projects in the amount of the respective estimated expenditure set out in column (3) of Schedule "A"; AND WHEREAS before the Council of each Applicant Municipality approved the relevant Project in accordance with section 4 of Ontario Regulation 403/02, the Council of each Applicant Municipality had its Treasurer update its most recent annual debt and fmancial obligation limit received from the Ministry of Municipal Affairs and Housing for the relevant Project (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"), each such Treasurer calculated the estimated annual amount payable in respect of each such Project and determined that the estimated annual amount payable in respect of each such Project does not exceed the Updated Limit, and accordingly the approval of the Ontario Municipal Board under the Ontario Municipal Board Act (Ontario), as amended, was not required before each such Project was authorized by the respective Council; AND WHEREAS subsection 405 (1) 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 (c) the municipality has approved the issue of debentures for another municipality or a school board under section 404; AND WHEREAS subsection 405(4) of the Act provides that a municipality may delegate the power set out in subsection 405(1) to the head of council, to the treasurer, or to both of them; AND WHEREAS the Act also provides that a municipality shall authorize long term borrowing by the issue of debentures or through another municipality under section 403 or 404 of the Act; AND WHEREAS OSIF A has invited Ontario municipalities desirous of obtaining temporary and long term debt fmancing in order to meet capital expenditures incurred on or after January 1, 2004, to make an application to OSIFA for such tinancing by completing and submitting an application in the form provided by OSIFA (the "Application");