2023-004Page 1 of 2
THE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW 2023-004
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, 2023.
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 2023, 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 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
$14,481,950 from January 1st to September 30th of the year, and $7,240,975 from
October 1st to December 31st of the year, 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
By-Law 2023-004
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.
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.
5. This by-law shall be in full force and effect as of January 1, 2023.
READ A FIRST AND SECOND TIME THIS 9th DAY OF JANUARY, 2023.
READ A THIRD AND FINAL TIME AND PASSED THIS 9th DAY OF JANUARY, 2023.
Mayor -Deb Gilvesy
Page 2 of 2