98-43
COUNTY OF ELGIN
By-Law No. 98-43
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 MA5,
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
189,
WHEREAS the total of amounts previously borrowed under Section
not been 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 Thirty-Two Million, One Hundred
and Fifty-One Thousand, Three Hundred and Forty-Four 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 Municipal Council of the Corporation of the
BE IT THEREFORE ENACTED by
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 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 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.
December, 1998
1 Oth day of
this
time
and second
READ a first
998
1
December,
10th day of
time and finally passed this
READ a third
Rien Van Brenk,
Warden
tK G. McDonald,
County Administrator/Clerk.