20-01 Borrowing By-lawCOUNTY OF ELGIN
By -Law No. 20-01
"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 Sixty -Five Million, Five Hundred
and Thirteen Thousand, and Two Hundred and Seventy -Five 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 14th, 2020.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 14th DAY
OF JANUARY 2020.
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Julie GoMjou, Dave Mennill,
Chief Administrative Officer. Warden.