BYLAW - Debentures New Recreation Complex - 20050614 - 466705FTHE CORPORATION OF THE TOWN OF AURORA
By-law Number 4667-05.F
BEING A BY-LAW to
Authorize the Issuance of
Debentures for the
Construction of New
Recreation Complex.
WHEREAS the Council ofThe Corporation of the Town of Aurora approved on April27,
2004 the construction of the New Recreation Complex on the north side of Wellington
Street south of Leslie. Street;
AND WHEREAS it is necessary for The Corporation of the Town of Aurora to partially
finance the cost of this construction through the issuance of debentures;
NOW THEREFORE THE MUNICIPAL COUNCIL OF THE CORPORATION OF THE
TOWN OF AURORA ENACTS AS FOLLOWS:
1. THAT the Council of The Corporation of the Town of Aurora authorizes the
issuance of debentures for the construction of the New Recreation Complex;
2. THAT the Regional Municipality of York be requested to issue debentures up to
an amount not to exceed $12,670,000 on behalf ofThe Corporation of the Town
of Aurora repayable over a period not to exceed ten (10) years;
3. THAT the Regional Municipality of York be requested to issue debentures up to
an amount not to exceed $4,245,000 on behalf ofT he Corporation of the Town of
Aurora repayable over a period not to exceed twenty (20) years;
4. THAT in the event any part or provision, including any part or provisions of a
Schedule(s), is declared by a court of competent jurisdiction to be void, illegal or
invalid, the offending part or provision shall be considered as separate, severable
and struck out from the remaining parts or provisions ofthis by-law which parts or
provisions shall remain valid, binding and of full force and effect.
READ A FIRST AND SECOND TIME THIS 14th DAY OF JUNE, 2005.
READ A THIRD TIME AND FINALLY PASSED THIS 14th DAY OF JUNE, 2005.
B. PANIZZA, TOWN CLERK