2020-033 To Authorize the Borrowing of Money to Meet Current ExpendituresCORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW 2020-033
BEING A BY-LAW to authorize the borrowing of money to meet current
expenditures of the Council of the Corporation of the Town of Tillsonburg (the
"Municipality") during the Fiscal Year Ending December 31, 2020.
WHEREAS in accordance with subsection 407(1) of the Municipal Act, 2001, as
amended (the "Act"), the Municipality may consider it to be necessary to borrow funds
to meet current expenditures of the Municipality for the year 2020, until the levies and
other revenues are collected.
AND WHEREAS pursuant to subsection 407(2) of the Act, the total amount borrowed
pursuant to this by-law together with the total of any similar borrowings is not to exceed
the limits set forth in that subsection.
AND WHEREAS the total amount previously borrowed by the Municipality pursuant to
section 407 that has not been repaid is $ Nil.
BE IT THEREFORE ENACTED by the Council of the Corporation of the Town of
Tillsonburg as follows:
1. The Mayor and the Treasurer are authorized on behalf of the Municipality to
borrow from time to time by way of promissory note or bankers' acceptance from
Toronto Dominion Bank a sum or sums not exceeding the limits set out in
subsection 407(2) of the Municipal Act, 2001 to meet, until levies and other
revenues are collected, the current expenditures of the Municipality for the year
(including the amounts required for the purposes mentioned in subsection 407(1)
of the Act) and to give to the Toronto Dominion Bank promissory notes or
bankers' acceptances, as the case may be, sealed with the corporate seal of the
Municipality and signed by the Mayor and Treasurer for the sums borrowed plus
interest at a rate to be agreed upon from time to time with Toronto Dominion
Bank.
2. All sums borrowed pursuant to this by-law, as well as all other sums borrowed
pursuant to the Act in this year and in previous years from Toronto Dominion
Bank for any purpose will, with interest thereon, be a charge upon the whole of
the revenues of the Municipality for the current year and for all preceding years
as and when this revenue is received.
3. The Treasurer is authorized and directed to apply in payment of all sums
borrowed plus interest, all of the monies collected or received on account in
respect of taxes levied for the current year and preceding years or from any other
source which may lawfully be applied for this purpose.
By -Law 2020-033
4. The Treasurer is authorized to furnish to the Toronto Dominion Bank a statement
showing the nature and amount of the estimated revenues of the Municipality not
yet collected and also showing the total of any amounts borrowed that have not
been repaid.
READ A FIRST AND SECOND TIME THIS 14th day of APRIL, 2020.
READ A T.ND FINPrL)TIME AND PASSED THIS 14th day of APRIL, 2020.
MAYOR — Stephen Molnar
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TOWNLE K -Michelle Smibert
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