21-04 Borrowing By-Law - February 9, 2021COUNTY OF ELGIN
By -Law No. 21-04
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 February 9th, 2021.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 9th DAY OF
FEBUARY 2021.
Julie Gonyou, U Tom Marks,
Chi f Administrative Officer. Warden.