THE DISTRICT MUNICIPALITY OF MUSKOKA BY-LAW 2007-1 7 A by-law to authorize the issue of amortizing Debentures in the principal amount of $950,000 for the purposes of The Corporation of the Township of Georgian Bay WHEREAS the Council of The Corporation of the Township of Georgian Bay (the "Township") has requested The District Municipality of Muskoka (the "District Corporation") to borrow money for the purpose described in column 1 of Schedule "A" attached ("Schedule "A") as authorized by the by-law listed in column 3 of Schedule "A" and to issue debentures therefor within the term of years set out in column 2 of Schedule "A", in the amount shown in column 7 of Schedule "P, AND WHEREAS in respect of the work described in column 1 of Schedule "A", the Council of the Township has authorized such work and, before authorizing or exercising any powers in respect of such work, the Council of the Township had its Treasurer calculate an updated annual debt and financial obligation limit using the most recent limit determined by the Ministry of Municipal Affairs and Housing, and the Treasurer determined that the estimated annual amount payable in respect of such work would not cause the Township to reach or exceed its updated limit with the result that the Council of the Township authorized such work without the approval of the Ontario Municipal Board; AND WHEREAS for the aforesaid purpose the District Corporation has determined to authorize the borrowing ofmoney by the issue of amortizing debentures in the principal amount of $950,000 (the "Debentures") bearing interest at the rate of 4.835% per annum and payable in semiannual blended payments of principal and interest of $37,320.5 1 each on April 2 and October 2 in each of the years 2007 to 2027, commencing October 2,2007, which is the amount of debt intended to be created by this by-law. THEREFORE the Council of The District Municipality of Muskoka enacts as follows: 1. The borrowing of $950,000 the works set out in column 1 of Schedule "A" and the issue of amortizing debentures therefor on the credit of the District Corporation, to be repaid within the period of years set out in column 8 of Schedule "A", are hereby authorized and approved. The Chair and the Treasurer of the District Corporation are authorized to cause any number of amortizing debentures to be made for such sums of money as may be required, in global and definitive forms not exceeding in the whole the sum of $950,000 (the "Debentures") and the Debentures shall be sealed and signed in accordance with the Municipal Act, 200 1 (the "Act"). The Debentures shall initially be issued in global fully registered form as one certificate in the aggregate principal amount of $950,000 in the name of CDS & CO. as nominee of The Canadian Depository for Securities Limited ("CDS") with provision for payment of principal and interest by cheque sent through the post to the registered address of the registered holder or, if authorized in writing, by electronic transfer (the "Global Debenture"). 3. The Debentures shall be dated April 2,2007, shall be issued within two years after the date on which,this by-law is enacted, shall as to both principal and interest be expressed and be payable in lawful money of Canada, shall bear interest at the rate of 4.835% per annum and shall be payable in semi-annual blended payments of principal and interest in the amount of $37,320.5 1 each on April 2 and October 2 in each of the years 2007 to 2027, commencing October 2,2007, as set out in Schedule "B" attached ("Schedule "B"). 4. Interest shall be payable to the date of maturity of the Debentures and on default shall be payable both before and after default and judgment. Any amounts payable by the District Corporation as interest on overdue principal or interest in respect of the Debentures shall be paid out of current revenue.
Page 2 of By-law 2007-1 7 5. In limited circumstances (as set out in the letter of representations referred to below) the Global Debenture shall be exchangeable for debentures in definitive fully registered form in denominations of $1,000 and any multiples thereof upon surrender of the Global Debenture to the Treasurer of the District Corporation provided that there is at least one definitive debenture which matures in each of the remaining years of the currency of the Global Debenture as it relates to the Debentures. The definitive debentures in respect of the Debentures shall aggregate the same principal amount as the principal outstanding balance of the Global Debenture which relates to the Debentures as at the date of exchange, shall bear the same interest rates and maturity dates, shall bear all unmatured interest obligations and shall be the same substantially in every respect to the Global Debenture as it relates to the Debentures. In issuing definitive debentures no change shall be made in the amount which would otherwise be payable in each year in respect of the Debentures under the Global Debenture. The definitive debentures shall be in fully registered form payable as to principal on or after maturity at any specified branch of the bank designated therein with provision for payments by cheque sent through the post to the registered addresses of the registered holders or, if authorized in writing, by electronic transfer. In the case of joint registered holders of any of the Debentures, payments may be paid to the holder whose name first appears in the District Corporation's debenture registry whose receipt thereof shall constitute a valid discharge to the District Corporation. 6. The amounts of principal and interest payable in each year under this By-law as set out in Schedule "B" shall be and are hereby levied against the Township and the Township shall make payment in each year to the District Corporation in the amounts and on the dates specified in this By-law. There shall be levied and raised in each year as part of the general levy of the District Corporation the amounts required to be paid to the District Corporation in any previous year by the Township to the extent that the amounts have not been paid to the District Corporation in accordance with this By-law. 7. (a) Subject to section 2 of this by-law, the Treasurer of the District Corporation is authorized to cause the Debentures to be sold at such price or prices as he may determine, to enter into a letter of representations with CDS and generally to do all things and execute all documents and other papers in the name of the District Corporation in order to carry out the sale of the Debentures and the Treasurer is hereby authorized to affix the seal of the District Corporation to any of such documents and papers. (b) The proceeds of the sale of the Debentures, after providing for the discount, if any and the expenses of negotiation and sale thereof, shall be applied for the works set out in column 1 of Schedule "A" and for no other purposes except as permitted by the Act. 8. The Debentures may contain any provision for their registration authorized by law. 9. This by-law shall come into force and take effect on the day upon which it is finally passed.
Page 3 of By-law 2007-17 READ A FIRST TLME: March 26,2007 READ A SECOND TIME: March 26.2007 THE DISTRICT MUNICIPALITY OF MUSKOKA Clerk C/ READ A THlRD TIME AND FINALLY PASSED: March 26,2007 THE DISTRICT MUNICIPALITY OF WSKOKA Clerk L;
Schedule "A" to By-law 2007-17 No. 1 Description of Works THE DISTRICT MUNICIPALITY OF MUSKOKA SCHEDULE "A" TO BY-LAW 2007-1 7 2 3 4 5 6 7 8 Maximum MOE Certificate Debentures Authorized Debentures Debentures to Term of Authorizing Number and Date by Previously Be Issued Term of Years By-law No. D/M/Y Council Issued Hereunder Debentures $ $ $ Years 1. Construction of'a municipal administration facility and a public workslfire hall facility.
Date Schedule " B to By-law 2007-17 THE DISTRICT MUNICIPKITY OF MUSKOKA SCHEDULE "B" TO BY-LAW 2007-17 Starting Principal Interest Total Principal Payment Payment Payment $ $ $ $ Rema~ning Principal $