CITY OF REVELSTOKE
BYLAW #1615, 1999
_________________________________________________________
A Bylaw To Authorize The Entering Into Of An Agreement Respecting Financing Between The City of Revelstoke And The Columbia Shuswap Regional District
_________________________________________________________
WHEREAS the City of Revelstoke (the "Municipality") is a member municipality of the Columbia Shuswap Regional District (the "Regional District").
AND WHEREAS the Regional District may from time to time finance at the request, sole cost and on behalf of the Municipality, pursuant to the provisions of Section 835 of the Municipal Act, the works to be financed pursuant to the following loan authorization bylaw.
"City of Revelstoke Greely Creek Water Filtration Plant
Loan Authorization Bylaw #1602, 1999" and all things
necessary in connection therewith.
AND WHEREAS the amount of borrowing authorized by the above Bylaw, the amount already borrowed under the authority thereof, the amount of authorization to borrow remaining thereunder and the amount being issued under the authority thereof of this Bylaw is as follows:
Amount of Amount Borrowing Term Amount
Bylaw Borrowing Already Authority of of
Number Purpose Authorized Borrowed Remaining Issue Issue
______ _______ __________ ________ _________ _____ _____
#1602 Waterworks $3,300,000 Nil $3,300,000 20 yrs. $3,300,000
Improvements
AND WHEREAS the City of Revelstoke Municipal Council by this Bylaw hereby requests that such financing shall be undertaken through the Municipal Finance Authority of British Columbia by the Regional District.
NOW THEREFORE the Council of the City of Revelstoke in open meeting assembled enacts as follows:
1. The Regional district is hereby requested and authorized to finance
from time to time the aforesaid undertakings at the sole cost and
on behalf of the City of Revelstoke up to but not exceeding
$3,300,000 in lawful money of Canada (provided that the Regional
District may borrow all or part of such amount in United States
of America dollars or United Kingdom sterling but the aggregate
amount in lawful money of Canada and in Canadian dollar equivalents
so borrowed shall not exceed $3,300,000 in Canadian dollars) at
such interest and with such discounts or premiums and expenses as
the Municipal Finance Authority of British Columbia may deem
appropriate in consideration of the market and economic conditions
pertaining.
2. Upon completion by the Regional District of financing undertaken
pursuant hereto, the Mayor and Clerk of the Municipality
and under its seal shall at such time or times as the Regional
District may direct, enter into and deliver to the Regional
District one or more agreements, which said agreement or agree-
ments 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, delivered or substituted
hereinafter referred to as the "Agreement") providing for payment
by the Municipality to the Regional District of the amounts
required to meet the obligations of the Regional District with
respect to its borrowings undertaken pursuant hereto, provided
that the principal amount of the Agreement shall not exceed the
amount referred to in Section 1.
3. The Agreement shall be dated and payable in the principal amount or
amounts of monies and in such currency or currencies as shall be
borrowed by the Regional District pursuant to Section 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 Regional District so as to be consistent with the
repayment of monies being borrowed by the Regional District in
order to finance the said undertakings of the Municipality 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 Regional District, and shall bear interest at a rate to be determined by the Treasurer of the Regional District so
as to be consistent with the rate of interest payable on monies
raised by the Regional District in order to finance the said under-
takings in the amounts as authorized by this Bylaw.
5. The Agreement shall be sealed with the seal of the Municipality and
shall bear the signatures of the Mayor and Clerk.
6. The obligation incurred under the said Agreement as to both
principal and interest shall be payable at the principal office of
the Regional District and at such time or times as shall be
determined by the Regional district so as to be consistent with the
repayment of principal together with interest on unpaid amounts of
money being borrowed by the Regional District in order to finance
the undertakings of the Municipality as authorized by this Bylaw.
7. During the currency of the Agreement hereunder to secure borrowings
in respect of the City of Revelstoke Greely Creek Water Filtration
Plant Loan Authorization Bylaw #1602, 1999 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 municipality 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 Municipality shall provide and pay over to the 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 Municipality, such deficiency shall be a liability of the Municipality to the Regional District and the
Council of the Municipality shall make due provision to discharge
such liability.
9. The Municipality shall pay over to the Regional District at such
time or times as the Treasurer or the Authority so directs such
sums as are required pursuant to Section 15 of the Municipal Finance
Authority of British Columbia Act, to be paid into the Debt Reserve
Fund established by the Authority in connection with the financing
undertaken by the Regional District on behalf of the Municipality
pursuant to the Agreement.
10. This Bylaw may be cited for all purposes as "The City of Revelstoke
Security Issuing Bylaw #1615, 1999".
READ A FIRST TIME THIS 26th DAY OF JULY , 1999
READ A SECOND TIME THIS 26th DAY OF JULY , 1999
READ A THIRD TIME THIS 26th DAY OF JULY , 1999
RECEIVED THE APPROVAL OF THE INSPECTOR OF MUNICIPALITIES THIS 31st DAY
OF AUGUST , 1999.
ADOPTED THIS 13th DAY OF SEPTEMBER , 1999.
________________________________ _____________________________
CLERK MAYOR
I hereby certify that the foregoing is a true and correct copy of the City of Revelstoke Security Issuing Bylaw #1615, 1999.
__________________________________
CLERK
CITY OF REVELSTOKE
PROVINCE OF BRITISH COLUMBIA
BYLAW #1615, 1999
SCHEDULE "A"
A G R E E M E N T
The City of Revelstoke hereby promises to pay to the Columbia Shuswap Regional District the sum of $ in lawful money of Canada,
United States of America, or United Kingdom together with interest thereon from the day of ,19 at varying rates of 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
, 19 provided that in the event the payments of principal and interest hereunder are insufficient to satisfy the obligations of the Regional District undertaken on behalf of the Municipality, the Municipality shall pay over to the Regional District such further sums as are sufficient to discharge the obligations of the Municipality to the Regional District.
DATED at , British Columbia this day of , 19
IN TESTIMONY WHEREOF and under authority of Bylaw #1602 cited as
"The City of Revelstoke Greely Creek
Water Filtration Plant Loan Authorization Bylaw.
This agreement is sealed with the
Corporate Seal of the City of Revelstoke and signed by the Mayor
and Clerk thereof.
__________________________________
MAYOR
___________________________________
CLERK
Pursuant to the Municipal Act,
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
_______________________, 19 .
___________________________________
Inspector of Municipalities of
British Columbia
PRINCIPAL AND/OR SINKING FUND DEPOSIT AND
INTEREST PAYMENTS
Principal and/or
Sinking Fund
Date of Payment Deposit Interest Total
_______________ $______________ $_____________ $_____________
_______________ $_______________ $______________ $_____________
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