3777-2025 Amend By-Law 3451-2019 (Authorize Bank Loan with RBC)
BEING A BY-LAW TO AMEND BY-LAW 3451-2019, BEING A BY-LAW TO AUTHORIZE A BANK LOAN AGREEMENT WITH ROYAL BANK OF CANADA
Passed by Council May 12, 2025
THE CORPORATION OF THE TOWNSHIP OF AUGUSTA
BY-LAW NUMBER 3777-2025
BEING A BY-LAW TO AMEND BY-LAW 3451-2019, BEING A BY-LAW TO
AUTHORIZE A BANK LOAN AGREEMENT WITH ROYAL SANK OF CANADA
WHEREAS the Municipal Act 2001. 5.0. 2001, Chapter 25, Section 401 authorizes a
municipality to incur a debt for municipal purposes, whether by borrowing money or in
any other way, and may issue debentures and prescribed financial instruments and enter
into prescribed financial agreements for or in relation to the debt;
AND WHEREAS Ontario Regulation 276/02, as amended, permits a municipality to enter
into a bank loan agreement for the purpose of long term borrowing:
AND WHEREAS the Council of the Corporation of the Township of Augusta passed By
Law 3451-2019 to approve the execution of a bank loan agreement with Royal Bank of
Canada for the construction of Fire Station No. 1 in Maitland, Ontario, and approved an
interest term of five (5) years;
AND WHEREAS the Council of the Corporation of the Township of Augusta deems it
advisable and expedient to amend By-Law 3451-2019.
NOW THEREFORE the Council of the Corporation of the township of Augusta enacts as
follows:
1. THAT a schedule (Schedule A) be added to By-Law 3451-2019, listing the interest
rate as well as term, and that the Schedule A makes up part of this By-Law; and
2. THAT Schedule A of By-Law 3451-2019 be amended at the end of each interest
term to reflect the change in rates; and
3. THAT the remainder of the By-Law shall remain in full force and effect; and
4. THAT this By-Law shall come into full force and effect as of May 12, 2025.
Read a first, second, and third time and finally passed this 12th day of May, 2025.
Signed by Mayor Jeff Shaver and Clerk Lindsey Veltkamp
By-Law 3777-2025
Schedule A
Interest Rate & Term Table
