96-49
COUNTY OF ELGIN
By-Law No. 96-49
BEING A BY-LAW TO AUTHORIZE THE WARDEN AND THE TREASURER TO
BORROW UP TO THE SUM OF FIFTEEN MILLION DOLLARS'
unti
WHEREAS 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,
the taxes are collected, the current expenditures of the Corporation for the year; and
WHEREAS the total of amounts previously borrowed under Section 187 of the
Municipal Act, being Chapter MA5, R.S.O. 1990, as amended, that have not been repaid are
....,Q- 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 Twenty-Five Million, Five Hundred and
Fifty-Two Thousand, Seven Hundred and Forty-Six Dollars and
WHEREAS the amount to be borrowed under this by-law and the amounts of
borrowings that have not been repaid does not in the aggregate exceed from January 1 st to
September 30th of the year, 50% of the total, and from October 1 st to December 31 st, 25%
of the total of the estimated revenues of the Corporation as set out above.
BE IT THEREFORE ENACTED by the Municipal Council of the Corporation of the
County of Elgin
1. That the Warden and the Treasurer or 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 (2) of the said Section 187, 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 187, shall, with interest thereon, be a charge upon the whole
of the revenues of the Corporation for the current year and for all preceding years, as and
when such revenues are received.
3. That the Treasurer or 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 187, 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.
12th day of December, 1996.
12th day of December, 1996.
time this
time and finally passed this
and second
READ a third
READ a first
a
,
County Administrator/Clerk.