16-02COUNTY OF ELGIN
By -Law No. 16-02
"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, S.O. 2001, c.25, 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
WHEREAS the total of amounts previously borrowed under Section 407, that have not
been repaid are nil; 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 Fifty -Nine Million, Nine Hundred and Eighty -
Eight Thousand, and Four Hundred and Seventeen 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.
4. THAT this by-law takes effect and comes into force on January 26th, 2016.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 26TH DAY OF
JANUARY 2016.
Mar
Chief Administrative Of icer.
Bernie Wiehle,
Warden.