3013 To authorize the Purchase of certain Computer Hardware Equipment and to authorize the borrowing of up to $143,000.00CORPORATION OF THE
TOWN OF TILLSONBURG
BY-LAW NO. 3013
BEING A BY' -LAW TO AUTHORIZE THE PURCHASE OF CERTAIN
COMPUTER. HARDWARE EQUIPMENT AND TO AUTHORIZE THE
BORROWING OF UP TO $1439000.00
WHEREAS pursuant to Section 122 of The Municipal Act, R.S.O. 1990, Chapter M.45, a
Council may borrow money for the purposes of the Corporation and may issue debentures
therefore subject to certain restrictions.
AND WHEREAS it is deemed necessary and expedient to purchase fifty-three (53) replacement
Computer Hardware units.
AND WHEREAS the total clost of the said computer hardware units is $142,911.23 (including
taxes).
AND WHEREAS it is deemed expedient to borrow an amount not exceeding $143,000.00
thereof upon the credit of thi,=., Corporation by way of demand loan from the Canadian Imperial
Bank of Commerce.
AND WHEREAS the Corrioration has received from the Ministry of Municipal Affairs its
annual debt and financial obl]Lgation limit for the year 2001 (the "Limit") and the Treasurer of the
Corporation has calculated an updated Limit in accordance with Ontario Regulation 155/99, as
amended from time to time, prior to the authorization of the additional expenditure described in
this by-law, and determined that the estimated annual amount payable in each year in respect of
such additional expenditure would not cause the Corporation to reach or exceed the Limit, and
that as at the date of Council.'s authorization of such additional expenditure the approval of the
Ontario Municipal 3oard is not required.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
TILLSONBURG I�:NACTS AS FOLLOWS:
1. THAT fifty-three (53) replacement Computer Hardware units be purchased as previously
authorized by Council resolution of November 26, 2001.
2. THAT the Mayor and CAO/Clerk be authorized to enter into a loan agreement, in
accordance with the Town of Tillsonburg's current borrowing Agreement with the
Canadian Imperial Bank of Commerce, for a demand loan in the principle amount not
exceeding $1.43,000.00 to be repaid based on a three (3) year instalment plan.
3. THIS by-law is passed pursuant to Section 122 of the Municipal Act, R.S.O. 19901
Chapter M.45 and shall come into force upon enactment.
READ A FIRST, ��ECOND., THIRD TIME AND FINALLY PASSED THIS 11TH DAY OF
MARCH, 2002.
, 1-4n
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MA R CLERK