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THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW 2025-004
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, 2025.
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 2025, until the levies and other revenues are
collected; and
WHEREAS pursuant to subsection 407(2) of the Act, except with the approval of the Ontario
Land Tribunal, the total amount borrowed at any one time, plus any outstanding amounts of
principal borrowed and accrued interest, shall not exceed:
a) from January 1 to September 30 in the year, 50 percent of the total estimated revenues
of the municipality as set out in the budget adopted for the year; and
b) from October 1 to December 31 in the year, 25 percent of the total estimated revenues of
the municipality as set out in the budget adopted for the year; and
WHEREAS in accordance with subsection 407(3) of the Act, until the budget is adopted in a
year, the limits upon borrowing under subsection (2) shall temporarily be calculated using the
estimated revenues of the municipality set out in the budget adopted for the previous year; 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 an operating credit line, 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, being the aggregate totals noted below, 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
By-Law 2025-004
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,
a.January 1 to September 30 -$13,631,762
b.October 1 to December 31 -$6,815,881
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.
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.
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.
This by-law shall be in full force and effect as of January 1,2025.
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READ A First,Second,Third and Final time and passed this 13th of January,2025.
MAYOR-Deb GilvZy
DEPUTY CLERK -Amelia Jaggard
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