THE CORPORATION OF THE VILLAGE OF MONTROSE
BYLAW #548
WHEREAS Council wishes, by a
Security Issuing Bylaw, to provide for the issue of debentures or other
evidence of a debt under the authority contained in the Water & Sewer Loan
Authorization Bylaw #540 and amendments thereto for a part of the debt
authorized;
AND WHEREAS:
$300,000.00 is the amount of borrowing authorized under
the Water & Sewer Loan Authorization Bylaw #540, and
No amount has already been borrowed under the Water
& Sewer Loan Authorization Bylaw #540, and
$300,000 remains to be borrowed under the Water &
Sewer Loan Authorization Bylaw #540;
$122,000 is now being issued under the Water &
Sewer Loan Authorization Bylaw #540;
the term of this issue shall be 20 years.
AND WHEREAS Loan Authorization Bylaw
#540 has been certified by the Inspector of Municipalities pursuant to section
1022 of the Municipal Act (RS Chap.
323) and no application has been made to set aside the Water & Sewer Loan
Authorization Bylaw #540;
AND WHEREAS the Inspector has
approved this Security Issuing Bylaw pursuant to section 462 of the Municipal Act (RS Chap. 323);
NOW THEREFORE be it resolved that
the Council of the Village of Montrose, in open meeting assembled, hereby
enacts as follows:
SHORT TITLE
1. (1) This Bylaw may be cited for all purposes
as THE WATER & SEWER SECURITY
ISSUING BYLAW, NO. 548 (Community Bond).
SECURITY ISSUE
2. (1) The Kootenay-Boundary Regional District
is hereby requested and authorized to finance the aforesaid undertakings at the
sole cost and on behalf of the Village of Montrose up to but not exceeding one
hundred twenty-two thousand dollars ($122,000.00) in lawful money of Canada at
four and three quarters percent (4Ύ%) interest and with such discounts or
premiums and expenses as the Municipal
Finance Authority of British Columbia may deem appropriate in
consideration of the prevailing market and economic conditions.
(2) Upon completion by the Kootenay-Boundary
Regional District of financing undertaken pursuant hereto, the Mayor and
Treasurer of the Village of Montrose and under its seal shall at such time or
times as the Kootenay-Boundary Regional District may direct, enter into and
deliver to the Kootenay-Boundary Regional District one or more agreements,
which said agreement or agreements shall be substantially in the form annexed
hereto as Schedule A and made part of this Bylaw (such Agreement or
Agreements as may be entered into are hereinafter referred to as the
Agreement) providing for payment by the Village of Montrose to the
Kootenay-Boundary Regional District with respect to its borrowing undertaken
pursuant hereto, provided that the principal amount of the Agreement will not
exceed the amount referred to in section 2(1).
(3) The Agreement shall be dated and payable
in the principal amount or amounts of moneys and in such currency or currencies
as shall be borrowed by the Kootenay-Boundary Regional District pursuant to
section 2(1) and shall set out the schedule of repayment of the principal
amount together with interest on unpaid amounts as shall be determined by the
Treasurer of the Kootenay-Boundary Regional District so as to be consistent
with the repayment of moneys being borrowed by the Kootenay-Boundary Regional
District to finance the said undertakings of the Village of Montrose as
authorized by this Bylaw.
(4) The obligation incurred under the said
Agreement shall bear interest from a date specified therein, which date shall
be determined by the Treasurer of the Kootenay-Boundary Regional District, and
shall bear interest at a rate to be determined by the Treasurer of the
Kootenay-Boundary Regional District so as to be consistent with the rate of
interest payable on moneys raised by the Kootenay-Boundary Regional District in
order to finance the said undertakings in the amounts as authorized by this
Bylaw.
(5) The Agreement shall be sealed with the
seal of the Village of Montrose and shall bear the signature of the Mayor and
the Treasurer.
(6) The obligation incurred under the said
Agreement as to both principal and interest shall be payable at the principal
office of the Kootenay-Boundary Regional District and at such time or times as
shall be determined by the Kootenay-Boundary Regional District so as to be
consistent with the payment of principal together with interest on unpaid
amounts or money being borrowed by the Kootenay-Boundary Regional District in
order to finance the undertakings of the Village of Montrose as authorized by
this Bylaw.
(7) During the currency of this Agreement
hereunder to secure borrowings in respect of the Water & Sewer Loan
Authorization Bylaw, No. 540 and all amendments thereto there shall be levied
and raised annually by a rate sufficient therefore over and above all other
rates upon all land and improvements subject to taxation for general municipal
purposes in the Village of Montrose in the same manner and at the same time as
other rates an amount sufficient to meet the annual payment of interest and the
repayment of principal.
(8) The Village of Montrose shall provide
and pay over to the Kootenay-Boundary Regional District such sums as are
required to discharge its obligations in accordance with the terms of the
Agreement, provided, however, that if the sums provided for in the Agreement
are not sufficient to meet the obligations of the Village of Montrose such
deficiency shall be a liability of the Village of Montrose to the
Kootenay-Boundary Regional District and the Council of the Village of Montrose
shall make due provision to discharge such liability.
(9) The Village of Montrose shall pay over
to the Kootenay-Boundary Regional District at such time or times as the
Treasurer of the Municipal Finance Authority of British Columbia so directs
such sums as are required pursuant to section 15 of the Municipal Finance
Authority Act (RS Chap. 325) to be paid into the Debt Reserve Fund established
by the Municipal Finance Authority of British Columbia in connection with the
financing undertaken by the Kootenay-Boundary Regional District on behalf of
the Village of Montrose pursuant to the Agreement.
ENACTMENT
3. (1) If any section, subsection, sentence,
clause or phrase of this Bylaw is for any reason held to be invalid by the
decision of any court of competent jurisdiction, the invalid portion shall be
severed and that part that is invalid shall not affect the validity of the
remainder.
(2) This Bylaw shall come into full force
and effect on the final adoption thereof.
READ A FIRST TIME this 6th day of July, 1999
READ A SECOND TIME this
20th day of July, 1999
READ A THIRD TIME this
3rd day of August, 1999
______________________________ ______________________________
Mayor Village Clerk
APPROVED BY THE INSPECTOR OF MUNICIPALITIES this
day of , 1999
FINALLY
ADOPTED this
day of , 1999
I
hereby certify the foregoing to be a true and correct copy of The Water &
Sewer Security Issuing Bylaw, No. 548.
______________________________
Village Clerk
THE CORPORATION OF THE Village OF MONTROSE
BYLAW #548
SCHEDULE A
CANADA
PROVINCE
OF BRITISH COLUMBIA
AGREEMENT
The Corporation of the
Village of Montrose hereby promises to pay to the Kootenay-Boundary Regional
District the sum of $122,000.00 in lawful money of Canada, together with
interest thereon, from the ______ day of _______________ at 4Ύ% interest
calculated semi-annually in each and every year during the currency of this
Agreement; payments shall be as specified in the table appearing on the reverse
side hereof commencing on the ______ day of ________, provided that in the
event the payments of principal and interest hereunder are insufficient to
satisfy the obligations of the Kootenay-Boundary Regional District such further
sums as are sufficient to discharge the obligations of the Village of Montrose
to the Kootenay-Boundary Regional District.
Dated at Montrose, British
Columbia, this _________ day of _______________, 1999.
IN
TESTIMONY WHEREOF and under the authority of Bylaw #540 cited as the Water
& Sewer Loan Authorization Bylaw, No. 540. This Agreement is sealed with the Corporate Seal of the
Corporation of the Village of Montrose and signed by the Mayor and Treasurer
thereof.
_________________________________
Mayor
_________________________________ Treasurer
Pursuant
to the Municipal Act (RS Chap. 323), I certify that this Agreement has been
lawfully and validly made and issued and that its validity is not open to
question on any ground whatever in any Court of the Province of British
Columbia.
Date
__________________________, 1999
_________________________________
Inspector
of Municipalities
of British Columbia
THE CORPORATION OF THE Village OF MONTROSE
BYLAW #548
SCHEDULE A
(REVERSE
SIDE)
Date of Payment Principal
and/or Sinking Interest Total
Fund Deposit
____________________ $___________________ $____________ $__________
____________________ $ ___________________ $ ____________ $__________
____________________ $ ___________________ $ ____________ $__________