03-43
COUNTY OF ELGIN
By-Law No. 03-43
"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 407 of the Municipal Act, 2001, being Chapter 25,
S.O. 2001, 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 Four Million, Four Hundred and Twelve Thousand, Five Hundred
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 Five Million, Two Hundred and
Seventy Thousand, Three Hundred and Ninety Six 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.
2004.
1
and come into force on January
take effect
THA Tthis by-law
4
December 2003
11th day of
this
time
and second
READ a first
day of December 2003
V!~
David M. Rock,
Warden
th
11
third time and finally passed this
READ a