Title
SURFACE WATER TREATMENT PLANT DEBENTURE ISSUE
1. That the Director of Finance/Deputy City Treasurer be authorized to proceed with a 30 year debenture issue amortized over 40 years in the aggregate principal amount of $69,554,000 for the construction of the Surface Water Treatment Plant and Low Lift Pumping Station (SWTP) secured through Infrastructure Ontario (formerly Ontario Strategic Infrastructure Financing Authority (OSIFA)).
2. That additional costs of $2,554,000 incurred to date in excess of the approved capital budget of $142M for the SWTP be funded as part of this debenture issue, with any subsequent additional costs funded from the Water Capital Reserve (account number 12-05-0580) to an upset limit of $2,000,000.
3. That the Mayor and City Treasurer or designate be authorized to sign the interest rate offer and repayment schedule from Ontario Infrastructure and Lands Corporation (OILC) and all other documents that may be required.
4. That the appropriate by-laws be enacted in the form attached as Appendix "A" of Staff Report FIN006-11.
5. That the Mayor and City Treasurer or designate be authorized to execute a Financing Agreement with Infrastructure Ontario (Ontario Infrastructure and Lands Corporation) that provides a mechanism for the issuance of debentures for the projects identified in Appendix "C", and is in accordance with Section 15.1 of the City of Barrie's Purchasing By-law 2008-121.
6. That the $3,255,000 of deferred capital project spending related to motion 12-G-010 from the tax capital reserve be used to partially fund Phase one of the Landfill Reengineering and Gas Collection project. (FIN006-12) (File: F00)