HomeMy WebLinkAboutBy-law 7245/12 The Corporation of the City of Pickering
By-law No. 7245/12
Being a by-law to approve and authorize the execution of a note amending
agreement made as of the 31st day of October, 2012 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 fourth amended and restated promissory
notes dated as of the 31st day of October, 2012.,
Whearas 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;
Whereas the Original Notes were amended and restated pursuant to a note amending
agreements dated as of October 1, 2006 and October 31, 2009 and the third amended
and restated promissory notes dated the 31st days of October, 2009 are due on the 1st
day of November, 2012 (the "Third Restated Notes");
Whereas VC has requested and, extension of the maturity date of the Third Restated
Notes;
Now therefore the Council of the Corporation of the City of Pickering enact as follows:
1. That Council approves the extension of the maturity date of the Third Restated
Notes to the 31st day of December, 2015;
2. That Council approves and authorizes the note amending agreement (the
"Agreement") made as of the 31st day of October, 2012 amongst Ajax, Belleville,
Clarington and Pickering, as the holders of the Third 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";
3. That Council approves the issue of the fourth amended and restated promissory
notes (each a "Fourth 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 Third Restated
Note in favour of this Municipality in the principal amount of $7,095,000 and to
receive a Fourth Restated Note in favour of this Municipality pursuant to the
Agreement;
By-law No. 7245/12 October 15, 2012
6 That the Clerk is authorized to affix the Corporate Seal of The Corporation of the
City of Pickering to the Agreement.
7 This By-law comes into force on the date of its final passing.
By-law passed this 15th day of October, 2012.
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Dave Ryan, 4 - o
Debbie Shields, City Clerk