3587 To authorize borrowing from time to time to meet current expenditures during the Fiscal year ending December 31 ,2012.CORPORATION OF THE
TOWN OF TILLSONBURG
BY-LAW NO. 3587
BEING A BY-LAW TO AUTHORIZE BORROWING
FROM TIME TO TIME TO MEET CURRENT
EXPENDITURES DURING THE FISCAL YEAR ENDING DECEMBER 31,2012.
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)
Authority
Lenders
Limit
2)
3)
Pending
Adoption
of Budget
4)
The head of Council and/or the Treasurer are hereby authorized to
borrow from time to time during the year 2012 (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.
The lenders from whom amounts may be borrowed under authority
of this by-law shall be TD Commercial Banking.
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 1st 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 1st to December 31st 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.
Until the budget is adopted in a year, the limits upon borrowing shall
temporarily be calculated using the estimated revenues of the municipality
set out in the budget adopted for the previous year.
READ A FIRST, SECOND, THIRD TIME AND FINALLY PASSED THIS THE 23RD
DAY OF JANUARY, 2012.
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Lessif CLERK - Donna Wilson