52-2005 Borrowing upon debentures Leam

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THE CORPORATION OF THE COUNTY OF ESSEX BY-LAW NUMBER 52-2005 A BY-LAW OF THE CORPORATION OF THE COUNTY OF ESSEX TO AUTHORIZE THE BORROWING UPON DEBENTURES IN THE AMOUNT OF $8,785,000 TOWARDS THE COST OF THE CAPITAL PROJECTS OF THE CORPORATION OF THE MUNICIPALITY OF LEAMINGTON WHEREAS 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 Council of The Corporation of the County of Essex (the "Upper-tier Municipality") has received an application from the Council of The Corporation of the Municipality of Leamington (the "Applicant Municipality"), constituting a lower-tier municipality of the Upper-tier Municipality, to incur debt for the purposes of the Applicant Municipality (individually an "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 to the Ontario Strategic Infrastructure Financing Authority ("OSIFA") for the Projects in the respective principal amounts specified in column (5) of Schedule "A" and the Upper-tier Municipality has approved such application; AND WHEREAS before the authorization of each Project, the Applicant Municipality had its Treasurer update its most recent annual debt and financial obligation limit received from the Ministry of Municipal Affairs and Housing in accordance with the applicable regulation and, prior to the authorization of each Project the Treasurer determined that the estimated annual amount payable in respect of each Project would not cause the Applicant Municipality to exceed the updated limit and that the approval of each Project by the Ontario Municipal Board was not required; AND WHEREAS the Upper-tier Municipality has passed the by-law enumerated in column (1) of Schedule "A" authorizing the entering into of a Financing Agreement for the provision of long term borrowing from OSIFA in respect of the Projects (the "Financing Agreement") and desires to issue