HomeMy WebLinkAboutBy-law 7447/15 The Corporation of the City of Pickering
By-law No. 7447/15
• Being a by-law to approve and authorize the
execution of a note amending agreement in
respect of fourth amended and restated
promissory notes dated October 31, 2012
issued by Veridian Corporation in favour of
The Corporation of the Town of Ajax, The
Corporation of the City of Belleville, The
Corporation of the Municipality of Clarington
and The Corporation of the City of Pickering,
and to approve the issue of fifth amended and
restated promissory notes dated as of the 30th
day of December, 2015
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Whereas the Electricity Act, 1998 authorized a municipality to make by-laws transferring
employees, assets, liabilities, rights and obligations of the municipal corporation and to
receive securities as consideration therefor and Veridian Corporation ("VC") issued
promissory notes (the "Original Notes") dated September 28, 2001 in favour of The
Corporation of the Town of Ajax ("Ajax), The Corporation of the City of Belleville
("Belleville"), The Corporation of the Municipality of Clarington ("Clarington") and The
Corporation of the City of Pickering ("Pickering") due on the 31st day of October, 2006;
And whereas the Original Notes were amended and restated pursuant to note
amending agreements dated as of October 1, 2006, October 31, 2009 and October 31,
2012 and the fourth amended and restated promissory notes dated the 31st day of
October, 2012 are due on the 31st day of December, 2015 (the "Fourth Restated
Notes");
And whereas VC has requested an extension of the maturity date of the Fourth
Restated Notes;
Now therefore the Council of The Corporation of the City of Pickering hereby enacts as
follows:
1. That Council approves the extension of the maturity date of the Fourth Restated
Notes to the 31st day of December, 2018.
2. That Council approves and authorizes the note amending agreement (the
"Agreement") made as of the 26 day of October, 2015 amongst Ajax, Belleville,
Clarington and Pickering, as the holders of the Fourth Restated Notes and VC,
Veridian Connections Inc. and Veridian Energy Inc. in the form of the draft
agreement presented to Council and attached hereto as Schedule "A".
By-law No. 7447/15 Page 2
3. That Council approves the issue of the fifth amended and restated promissory
notes (each a "Fifth Restated Note") by VC pursuant to the Agreement.
4. That the Mayor and the Clerk are authorized to execute the Agreement.
5. That the Clerk is authorized and directed to surrender to VC the Fourth Restated
Note in favour of this Municipality in the principal amount of$7,095,000 and to
receive a Fifth Restated Note in favour of this Municipality pursuant to the
Agreement.
6. That the Clerk is authorized to affix the Corporate Seal of The Corporation of the
City of Pickering to the Agreement.
By-law passed this 26 day of October, 2015.
(341.," ar)
Bill McLean, Deputy Mayor
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Debbie Shields, City Clerk
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