BYLAW - Insurance of Debentures (Hydro) - 19890308 - 307489.·_)
BY-LAW NUMBER 3074-89
OF THE CORPORATION OF THE TOWN OF AURORA
BEING A BY-LAW to Authorize the
Issuance of Debentures.
WHEREAS the Aurora Hydro-Electric Commission has requested the approval of
debenture financing for capital projects in 1989;
AND WHEREAS the Council of the Town of Aurora is required to authorize the
debenture financing of the Aurora Hydro-Electric Commission;
NOW THEREFORE the Council of the Corporation of the Town of Aurora enacts
as follows:
1. THAT those works set out in the Aurora Hydro-Electric
Commission's 1989 Capital Expenditures Budget be and are hereby
authorized and the issuance of a debenture in the amount of
$2,700,000 repayable over a period not to exceed 15 years out of
the utility rates of the Aurora Hydro-Electric Commission be and
is hereby authorized.
2. THAT the Regional Municipality of York be requested to issue
debentures in an amount not to exceed $2,700,000 on behalf of the
Corporation of the Town of Aurora repayab 1 e over a term not to
exceed 15 years.
3. THAT this by-1 aw shall come into effect only upon the approval
of Ontario Hydro and the Ontario Municipal Board.
READ A FIRST AND SECOND TIME THIS 8th DAY OF M3rch ' 1989.
READ A THIRD TIME AND FINALLY PASSED THIS 8tj; DAY OF March ' 1989.
~ E 890894 ..... ,.
Ontario
Ontario Municipal Board
Commission des affaires municipales de !'Ontario
B E F 0 R E :
D.S. COLBOURNE
Vice-Chairman
-and -
D.H. McROBB
Vice-Chairman
IN THE MATTER OF Section 64 of the
Ontario Municipal Board Act, (R.S.O.
1980, c. 347 as amended)
-and -
IN THE MATTER OF an application by
The Corporation of the Town of Aurora
for an order approving:
(a) the undertaking by the hydro
electric commission of the said
corporation of extensions and
improvements to the hydro-
electric distribution system at
an estimated cost of
$2,700,000.00, and the borrowing
of money by way of temporary
advances not exceeding in the
aggregate such estimated cost
pending the sale of debentures,
and
(b) the issuance of the necessary
debentures to a maximum of
$2,700,000.00 for a term not to
exceed fifteen years by The
Regional Municipality of York,
chargeable to the applicant
corporation
)
)
)
)
)
)
)
Wednesday, the 23rd day
of August, 1989
THE BOARD ORDERS that this application be granted and that the hydro-
electric commission of the applicant corporation may proceed with the
undertaking and The Regional Municipality of York may issue
debentures therefor for a sum not exceeding the lesser of
$2,700,000.00 or the net cost of such undertaking for a term not
exceeding fifteen years, provided that the Councils of the applicant
corporation and The Regional Municipality of York in exercising any
'\ -"
- 2 -
E 890894
power approved by this order shall comply and conform with all
statutory and other legal requirements related thereto and the
provisions of the assent of Ontario Hydro given under Seciton 94 of
the Power Corporation Act, (R.S.O. 1980, c. 384) for the borrowing
of money and the issuance of debentures.
SECRETARY
ENTERED
O.B. No .•• ~.~:1,;;,9, ......
Folio ~c:/f·~·19'8'9...... i
~ 94t~
SWlEfAR\', ONr. MUNICIPAL BOARD