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3476 To authorize borrowing from time to time to meet current expenditures during the fiscal year ending December 31, 2011CORPORATION OF THE TOWN OF TILLSONBURG BY-LAW NO. 3476 BEING A BY-LAW TO AUTHORIZE BORROWING FROM TIME TO TIME TO MEET CURRENT EXPENDITURES DURING THE FISCAL YEAR ENDING DECEMBER 31, 2011. WHEREAS the Municipal Act, S.O. 2001, Section 407, provides authorization for a municipality to temporarily borrow, until taxes are collected and other revenues are received, an amount Council considers necessary to meet the current expenditures of the municipality for the year. AND WHEREAS the total amount borrowed at any one time, except with the approval of the Ontario Municipal Board, is limited by Section 407 (2) of the Municipal Act. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF TILLSONBURG ENACTS AS FOLLOWS: Borrowing 1) The head of Council and/or the Treasurer are hereby authorized to Authority borrow from time to time during the year 2011 (hereinafter referred to as the current year) such sums as may be necessary to meet, until the taxes are collected and other revenues are received, the current expenditures of the Corporation and the other amounts that are set out in subsection 407 of the Municipal Act. Lenders 2) The lenders from whom amounts may be borrowed under authority of this by-law shall be TD Commercial Banking. Limit 3) The total amount borrowed at any one time under this by-law plus any outstanding amounts of principal borrowed and accrued interest shall not exceed, from January 1 st to September 30th of the year, 50 percent of the total estimated revenues of the municipality as set out in the budget adopted for the year, and from October 1 st to December 31 st of the year, 25 percent of the total estimated revenues of the municipality as set out budget adopted for that year. For purposes of this by-law, the estimated revenues of the Corporation shall not include revenues derivable or derived from: (a) any borrowing, including through any issue of debentures; (b) a surplus, including arrears of taxes, fees or charges; or (c) a transfer from the capital fund, reserve funds or reserves. Pending 4) Until the budget is adopted in a year, the limits upon borrowing shall Adoption temporarily be calculated. using the estimated revenues of the municipality of Budget set out in the budget adopted for the previous year. READ A FIRST, SECOND, THIRD TIME AND FINALLY PASSED THIS THE 10TH DAY OF JANUARY, 2011. a M Y CLERK