09-37COUNTY OF ELGIN
By -Law No. 09 -37
"BEING A BY -LAW TO AUTHORIZE THE WARDEN AND THE TREASURER TO
BORROW UP TO THE SUM OF FIFTEEN MILLION DOLLARS"
WHEREAS pursuant to Section 407 of the Municipal Act, 2001, S.O. 2001, c.25, as
amended, the Council of the Corporation of the County of Elgin deems it necessary to
borrow up to the sum of Fifteen Million Dollars ($15,000,000.00) to meet, until the taxes
are collected, the current expenditures of the Corporation for the year; and
WHEREAS the total of amounts previously borrowed under Section 407, that have
not been repaid are Five Hundred and Twenty -Five Thousand Dollars; and
WHEREAS the amount of the estimated revenues of the Corporation as set out in
the estimates adopted for the current year and not yet collected (or, if the same have not
yet been adopted, the amount of the estimated revenues of the Corporation as set forth in
the estimates adopted for the next preceding year) is Forty -Nine Million, Four Hundred and
Twenty -Nine Thousand, and Sixteen Dollars.
BE IT THEREFORE ENACTED by the Municipal Council of the Corporation of the
County of Elgin:
1. THAT the Warden and the Treasurer or the Deputy Treasurer of the Corporation are
hereby authorized on behalf of the Corporation to borrow from time to time, by way of
promissory note, from the Bank of Montreal, a sum or sums not exceeding in the
aggregate Fifteen Million Dollars ($15,000,000.00) to meet, until the taxes are collected,
the current expenditures of the Corporation for the year, including the amounts required
for the purposes mentioned in subsection (1) of the said Section 407, and to give, on
behalf of the Corporation, to the Bank a promissory note or notes, sealed with the
corporate seal and signed by them for the moneys so borrowed with interest at a rate not
exceeding Prime per centum per annum, which may be paid in advance or otherwise.
2. THAT all sums borrowed from the said Bank, for any or all of the purposes
mentioned in the said Section 407, shall, with interest thereon, be a charge upon the
whole of the revenues of the Corporation for the current year and for all subsequent years,
as and when such revenues are received.
3. THAT the Treasurer or the Deputy Treasurer is hereby authorized and directed to
apply in payment of all sums borrowed pursuant to the authority of this By -Law, as well as
all the other sums borrowed in this year and any previous years, from the said Bank for any
or all of the purposes mentioned in the said Section 407, together with interest thereon, all
of the moneys hereafter collected or received on account or realized in respect of the taxes
levied for the current year and preceding years and all of the moneys collected or received
from any other source, which may lawfully be applied for such purpose.
4. THAT this by -law takes effect and comes into force on January 1, 2010.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 10 DAY OF
DECEMBER 2009.
Mark G
Chief Administrative Officer.
Bonnie Vowel,
Warden.