HomeMy WebLinkAboutBy-law 6994/09
THE CORPORATION OF THE CITY OF PICKERING
BY-LAW NO. 6994/09
Being a by-law to approve and authorize the execution of a note amending
agreement made as of the 31st day of October, 2009 in respect of second
amended and restated promissory notes dated October 1, 2006 issued by
Veridian Corporation. and Veridian Connections Inc. 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 third amended and
restated promissory notes dated as of the 31 st day of October, 2009.
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") and Veridian Connections Inc. ("VCI") 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 agreement dated as of October 1, 2006 and second amended and restated
promissory notes dated the 1st day of October, 2006 due on the 1st day of November,.
2009 (the "Second Restated Notes");
WHEREAS VC and VCI have requested amendments to the Second Restated Notes
including an extension of the maturity date;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE CITY OF
PICKERING ENACTS AS FOLLOWS-
1 . That Council approves the extension of the maturity date of the Second Restated
Notes to the, 1 st day of November, 2012;
2. That Council approves and authorizes the note amending agreement (the
"Agreement") made as of the 31st day of October, 2009 amongst Ajax, Belleville,
Clarington and Pickering, as the holders of the Second Restated Notes and VC,
VCI 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 third amended and restated promissory
notes (each a "Third Restated Note") by VC and VCI pursuant to the Agreement.
By-law No. 6994/09 Page 2
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 Second
Restated Note in favour of this Municipality in the principal amount of $7,095,000
and to receive a Third Restated Note pursuant to the Agreement;
6. That the Clerk is authorized and directed to surrender to VCI the Second
Restated Note in favour of this Municipality in the principal amount of
$17,974,000 and to receive a Third Restated Note pursuant to the Agreement;
7. That the Clerk is authorized to affix the Corporate Seal of The Corporation of the
.City of Pickering to the Agreement.
8. This By-law comes into force on the date of its final passing.
BY-LAW -read a first, second and third time and finally passed this 19th day of October,
2009.
Dave Ryan, aY
Debi Wilcox, City Clerk