00-28
COUNTY OF ELGIN
By-Law No. 00-28
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, RS.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
189
Section
WHEREAS the total of amounts previously borrowed under
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 Twenty-Eight Million, One Hundred and
Eighty-One Thousand; Eight Hundred and Seventy-Six 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.
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 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.
2000.
day of December,
time this 14th
and second
READ a first
2000
(
uncan J. McPhai
Warden.
December,
day of
this 14th
time and finally passed
READ a third
Chief