BYLAW - Debenture New Administration Complex - 19880420 - 298788'i
BY-LAW NUMBER 2987-88
OF THE CORPORATION OF THE TOWN OF AURORA
BEING A BY-LAW to authorize the
application to The Regional Municipality
of York for approval to debenture
$5,000,000 for an Administration Complex.
WHEREAS the Counc i 1 of the Town of
obtaining the required approvals
Administration Complex;
Aurora has approved proceeding with
for debenture financing for an
AND WHEREAS the total estimated cost for the construction of the building,
the furnishings, site preparation, short-term financing and contingencies is
$7 ,000,000; '
AND WHEREAS the financing is anticipated to be as follows:
Reserve Funds
Debentures
$2,000,000
5,000,000
$7,000,000
AND WHEREAS it is necessary to apply to The Regional Municipality of York
for approval to debenture, prior to submitting the formal application to the
Ontario Municipal Board;
NOW, THEREFORE, the Council of The Corporation of the Town of Aurora
ENACTS AS FOLLOWS:
1. That the total cost of construction for the proposed
Administration Complex estimated at $7,000,000 be approved for the
purpose of applying for debenture financing;
2. That The Regional Municipality of York be requested to approve the
issue of debentures on beha 1 f of the Town of Aurora in an amount
not to exceed $5,000,000 and for a term not exceeding 20 years; and
3. That the provisions of this By-law shall come into force and
effect on the day of passing thereof.
~ READ A FIRST AND SECOND TIME THIS 20TH DAY OF APRIL ' 1988.
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READ A THIRD TIME AND FINALLY PASSED THIS 20TH DAY OF APRIL ' 1988 .
MAYOR CH.R.K--..