BY-LAW NO. 1 OF 2011 – Rink Local Improvement Amended

TOWN OF RIVERS 

BY-LAW NO. 1 OF 2011 


BEING A BY-LAW OF THE TOWN OF RIVERS TO AMEND ITS BY-LAW NO. 2 OF 2010 WHICH PROVIDED FOR THE CONSTRUCTION OF THE RIVERDALE COMMUNITY RECREATION COMPLEX


WHEREAS the Town of Rivers, by its By-Law No. 2 of 2010 which was authorized by Municipal Board Order No. E-10-143, is inter alia, authorized to issue borrowing in the amount of $2,000,000.00.

AND WHEREAS, no borrowing as authorized by said By-Law No. 2 of 2010 has been issued or sold;

AND WHEREAS, the Town of Rivers has made arrangements to borrow from Westoba Credit Union/Rivers, MB in the amount of $1,804,700.00 being the costs of works completed under the authority of By-Law No. 2 of 2010 such borrowing to be dated the 15th day of August, 2011, to bear interest at the rate of 4% per annum, payable annually during their currency, and to mature on the 31st day of December in each of the years 2011 to 2025;

AND WHEREAS, it is deemed expedient and advisable for council to refinance, redeem or restructure the said debenture issued, in the year 2015 and 2020, pursuant to Section 172(a) and 174(2) of The Municipal Act.

AND WHEREAS, it is deemed expedient to amend said By-Law No. 2 of 2010 to provide for the issuance of the aforesaid borrowing;

NOW THEREFORE, the Council of the Town of Rivers, in council duly assembled, hereby enacts as follows:

  1. THAT By-Law No. 2 of 2010 of the Town of Rivers BE AND THE SAME IS HEREBY AMENDED to provide that borrowing in the amount of $1,804,700.00 be issued to cover the costs of works completed thereunder; such borrowing to be dated the 15th day of August, 2011 to bear interest at the rate of 4% per annum, payable annually during their currency; and to mature in accordance with the maturities set out in Schedule “A” hereto on the 31st day of December in each of the years 2011 to 2025 both inclusive.
  2. THAT the issue of said borrowing provides financing for all costs of works completed under authority of By-Law No. 2 of 2010, and the balance of $195,300.00 of authorized borrowing which will not be required or used is hereby cancelled.
  3. THAT council is hereby authorized to refinance, redeem or restructure the said debenture issued, pursuant to the requirements of The Municipal Act, in the years 2015 and 2020.
  4. THAT Schedule “C” to said By-Law No. 2 of 2010, be cancelled, and Schedule “C” hereto be substituted therefor.

DONE AND PASSED by the Council of the Town of Rivers in Council duly assembled

this __________ day of _________________, A.D. 2011.

 

_________________________

Mayor

_________________________

Municipal Administrator

 

Read a first time this  _____day of _____________, A.D.  2011.

Read a second time this ___   day of _____________, A.D.  2011.

Read a third time this  _____  day of _____________, A.D.  2011.