By-Law 12-2016 - Oak Point Water & Sewer — full text

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## MUNICIPALITY OF KILLARNEY - TURTLE MOUNTAIN BY-LAW NO. 12-2016 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx***********xxx***************** Being a By-Law of the Municipality of Killarney - Turtle Mountain to amend the Municipality of Killarney - Turtle Mountain By-Law No. 7-2015, for the completion of Oak Point Drive and Area Water and Sewer Extension Project **************x***********x*x******x*********xxx********x************ WHEREAS, the Municipality of Killarney - Turle Mountain, by its By-Law No. 7-2015-which was authorized by Municipal Board Order No. E-15-129, is inter alia, authorized to issue borrowing in the amount of $1,800,000.00; AND WHEREAS no borrowing as authorized by By-Law No. 7-2015 has been issued or sold; AND WHEREAS the actual project costs that were lower than initially calculated, at $1,200,000.00; AND WHEREAS, the Municipality of Killarney - Turtle Mountain has made arrangements to borrow from the Minister of Finance of the Province of Manitoba in the amount of $1,200,000.00, being the costs of works completed under the authority of By-Law No. 7-2015; such borrowing to be dated December 31, 2016, to bear interest at the rate of 3.50 per annum, payable annually during their currency, and to mature on December 31%t in each of the years 2017 to 2026; AND WHEREAS, it is deemed expedient to amend said By-Law No. 7-2015 to provide for the issuance of the aforesaid borrowings. NOW THEREFORE, the Council of the Municipality of Killarney - Turtle Mountain, in council duly assembled, hereby enacts as follows: - THAT By-Law No. 7-2015 of the Municipality of Killarney - Turtle Mountain BE AND THE SAME IS HEREBY AMENDED to provide that borrowing in the amount of $1,200,000.00 be issued to cover the costs of works completed thereunder; such borrowing to be dated the 315t day of December, 2016, to bear to restar th catedance wier te maturiya cant il cheige er Cure co and 315t day of December in each of the years 2017 to 2026, both inclusive; 2. THAT the issue of said borrowing provides financing for all costs of works completed under authority of By-Law No. 7-2015 and the balance of 600,000.00 of authorized borrowing which will not be required or used is hereby cancelled; DONE AND PASSED by the Council of the Municipality of Killarney - Turtle Mountain in Council duly assembled this 22nd day of February, A.D. 2017.   Mayor Chief Administrative Officer Read a first time this 215t day of December, A.D. 2016. Read a second time this 22nd day of February, A.D. 2017 Read a third time this 22nd day of February, A.D. 2017  The Municipal Board February 9, 2017 Chief Administrative Officer Municipality of Killarney-Turtle Mountain Box 10 Killarney MB ROK 1G0 Dear Chief Administrative Officer: RE: MUNICIPALITY OF KILLARNEY-TURTLE MOUNTAIN - BY-LAW NO. 12-2016 FILE NO. 15E7-0014 We enclose for your information a copy of Municipal Board Order No. E-17-012 together with the By-law. The fee of $1100.00 is now due and payable on the By-law. Please provide the Board with a Certified copy of the By-law after 3d reading. In the meantime, the Board will be preparing the Debenture. Please quote our File Number on all correspondence.  Alems RG/an/enclosures C: Jesse Oyugi, Municipal Finance Officer 1144 - 363 Broadway Winnipeg MB R3C 3N9 Phone: 204-945-2941 Fax: 204-948-2235 www.gov.mb.ca/municipalboard ## THE MUNICIPAL BOARD OF MANITOBA DECISION AND ORDER DECISION DATE: February 9, 2017 Order No. E-17-012 File No. 15E7-0014 PANEL: Lori Lavoie, Vice Chair Patrick Fortier, Member ## MUNICIPALITY OF KILLARNEY-TURTLE MOUNTAIN - BY-LAW NO. 12-2016 The Municipality of Killarney-Turtle Mountain submits By-law No. 12-2016 under Section 147(2) of The Municipal Act for the Board's review and approval. The proposed By-law was received on January 25, 2017. By-law No. 12-2016 attached as Appendix "A", provides for the issuance of a debenture in the amount of $1,200,000.00 and the cancellation of previously authorized borrowing in the amount of $600,000.00. By-law No. 12-2016 amends By-law No. 7-2015, approved by Municipal Board Order No. E-15-129. Upon considering the proposed By-law, THE BOARD ORDERS THAT: - 1.. Municipality of Killarney-Turtle Mountain By-law No. 12-2016 BE APPROVED. 2. Fees be paid by the Municipality of Killarney-Turtle Mountain as follows: Filing Fee Debenture Fee - Issue Debenture Fee - Preparation Total $ 50 1,000 50 $1,100 FOR THE MUNICIPAL BOARD  say 3,2017 100 Lori Lavoie, Vice Chair Reckons Rose Gibbons, Secretary  w: \Municipal Board\363 Broadway\shared\ORDERS\kilturm12an.doc  AFFEIVUIA MUNICIPAL BOARD ORDER NO.E-17-012 ## MUNICIPALITY OF KILLARNEY - TURTLE MOUNTAIN BY-LAW NO. 12-2016 ***************************************************************************** Being a By-Law of the Municipality of Killarney - Turtle Mountain to amend the Municipality of Killarney - Turtle Mountain By-Law No. 7-2015, for the completion of Oak Point Drive and Area Water and Sewer Extension Project *************************************************************************** WHEREAS, the Municipality of Killarney - Turtle Mountain, by its By-Law No.7-2015. which was authorized by Municipal Board Order No. E-15-129, is inter alia, authorized to issue borrowing in the amount of $1,800,000.00; AND WHEREAS no borrowing as authorized by By-Law No. 7-2015 has been issued or sold; AND WHEREAS the actual project costs that were lower than initially calculated, at $1,200,000.00; AND WHEREAS, the Municipality of Killarney - Turtle Mountain has made arrangements to borrow from the Minister of Finance of the Province of Manitoba in the amount of $1,200,000.00, being the costs of works completed under the authority of By-Law No. 7-2015; pac browinit be date Denney, and 2016, toler incest et rin es3, 50 the num, 2017 to 2026; AND WHEREAS, it is deemed expedient to amend said By-Law No. 7-2015 to provide for the issuance of the aforesaid borrowings. NOW THEREFORE, the Council of the Municipality of Killarney - Turtle Mountain, in council duly assembled, hereby enacts as follows: 1. THAT By-Law No. 7-2015 of the Municipality of Killarney - Turtle Mountain BE AND THE SAME IS HEREBY AMENDED to provide that borrowing in the amount of $1,200,000.00 be issued to cover the costs of works completed thereunder; such borrowing to be dated the 315* day of December, 2016, to bear to matre in accordans wier the matries se ont il dedi ai berto o, and 31st day of December in each of the years 2017 to 2026, both inclusive; 2. THAT the issue of said borrowing provides financing for all costs of works completed under authority of By-Law No. 7-2015 and the balance of 600,000.00 of authorized borrowing which will not be required or used is hereby cancelled; DONE AND PASSED by the Council of the Municipality of Killarney - Turtle Mountain in Council duly assembled this day of , A.D. 2017. Read a first time this 215t day of December, A.D. 2016. Read a second time this th day of January, A.D. 2017. Read a third time this th day of January, A.D. 2017 Mayor Chief Administrative Officer hons  MUNICIPAL BOARD ORDER NO. E -17-012 ## MUNICIPALITY OF KILLARNEY - TURTLE MOUNTAIN SCHEDULE A - TO BY-LAW 12-2016 ## To amend By-law No. 7-2015 ## Local Improvement Debenture Issue Term (yrs): Date: Payable: 10 Amount: December 31, 2016 Rate (%) December 31, 2017-2026 Annual Payment: Adjusted First Year's Payment Adjusted Last Year's Payment 1,200,000.00 3.50 144,289.64 144,289.64 144,289.67 Oak Point Drive and Area - Water & Sewer Extension Sold to: Province of Manitoba | MATURITY SCHEDULE | MATURITY SCHEDULE | MATURITY SCHEDULE | MATURITY SCHEDULE | |---------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------| | Year | Interest | Principal | Balance | | 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 | 42,000.00 38,419.86 34,714.42 30,879.29 26,909.93 22,801.64 18,549.56 14,148.65 9,593.72 4,879.36 | 102,289.64 105,869.78 109,575.22 113,410.35 117,379.71 121,488.00 125,740.08 130,140.99 134,695.92 139,410.31 | 1,097,710.36 991,840.58 882,265.36 768,855.01 651,475.30 529,987.30 404,247.22 274,106.23 139,410.31 0.00 | :