CITY OF REVELSTOKE
BYLAW #1641, 2000
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A Bylaw to Authorize the Entering into of an Agreement Respecting Financing Between the City of Revelstoke and the Columbia Shuswap Regional District
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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 Local Government Act, the works to be financed pursuant to the following loan authorization bylaw.
"City of Revelstoke Road Reconstruction and Rehabilitation Authorization
Bylaw #1636, 2000" 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:
| Bylaw Number | Purpose | Amount of Borrowing Authorized | Amount Already Borrowed | Borrowing Authority Remaining | Term of Issue | Amount of Issue | | #1636 | Road Improvements | $725,000 | Nil | $725,000 | 20 yrs. | $725,000 |
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 $725,000 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 $725,000 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 Director of Corporate Administration 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 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, 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 Director of Finance 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 Director of Finance of the Regional District, and shall bear interest at a rate to be determined by the Director 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 undertakings 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 Director of Corporate Administration.
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 Road Reconstruction and Rehabilitation Loan Authorization Bylaw 1636, 2000 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.
Security Issuing Bylaw #1641, 2000 Page 3
9. The Municipality shall pay over to the Regional District at such time or times as the Director of Finance 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 #1641, 2000".
READ A FIRST TIME THIS 10th DAY OF JULY, 2000
READ A SECOND TIME THIS 10th DAY OF JULY, 2000
READ A THIRD TIME THIS 10th DAY OF JULY, 2000
RECEIVED THE APPROVAL OF THE INSPECTOR OF MUNICIPALITIES THIS 17th DAY OF JULY, 2000
ADOPTED THIS 24th DAY OF JULY, 2000.
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DIRECTOR OF CORPORATE MAYOR
ADMINISTRATION
Certified a true copy this ___ day of __________, _____.
Director of Corporate Administration
CITY OF REVELSTOKE
PROVINCE OF BRITISH COLUMBIA
BYLAW #1641, 2000
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 ,20 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 , 20 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 , 20
IN TESTIMONY WHEREOF and under
authority of Bylaw #1636 cited as "The City
of Revelstoke Road Reconstruction and
Rehabilitation Loan Authorization Bylaw.
This agreement is sealed with the Corporate
Seal of the City of Revelstoke and signed by
the Mayor and Director of Corporate
Administration thereof.
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MAYOR
___________________________________________
DIRECTOR OF CORPORATE ADMINISTRATION
Pursuant to the Local Government
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
_______________________, 20 .
___________________________________
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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