97-38
COUNTY OF ELGIN
By-Law No. 97-38
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 189 of the Municipal Act, being Chapter MAS, R.S.O.
1990, 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
that have not been
189,
WHEREAS the total of amounts previously borrowed under Section
repaid are -G- 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-Four Million, Three Hundred and Fifty-Nine
Thousand, Five Hundred and Sixty-Five Dollars.
WHEREAS the amount to be borrowed under this by-law and the amounts of borrowings
that have not been repaid shall not in the aggregate exceed 70% of the uncollected balance of
the estimated revenues of the Corporation as set out above.
the Corporation of the
BE IT THEREFORE ENACTED by the Municipal Council of
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 189, 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 mo~eys 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 189, 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 189, 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.
time this 9th day of December, 1997
December, 1997
and second
time and finally passed this 9th day of
READ a first
Harry J. Mezenberg,
Warden
READ a third
. cDonald,
County Administrator/Clerk.