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HomeMy WebLinkAbout2008-003 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON BY -LAW NUMBER 2008-003 Being a by-law to authorize the borrowing of $15,000,000 to meet, until the taxes are collected, the current expenditures of the Municipality for the year 2008 WHEREAS under Section 407 of the Municipal Act, 2001 ,.S.O. c. 24, the Municipality is empowered to borrow for current expenditures from January 1" to September 30'h, up to 50 percent and from October 1" to December 31" up to 25 percent, of the estimated revenues; NOW THEREFORE THE COUNCil OF THE CORPORATION OF THE MUNICIPALITY OF ClARINGTON HEREBY ENACTS AS FOllOWS: 1. THAT the Mayor and the Director of Finance/Treasurer are hereby authorized on behalf of the Municipality to borrow from time to time by way of promissory note, from the Bank holding the Municipality's banking contract, (hereinafter called the "Bank"), a sum or sums not exceeding in the aggregate $15,000,000 to meet until the taxes are collected the current expenditures of the Municipality for the year, including the amounts req uired for the purposes mentioned in Subsection (1) of Section 407 of the Municipal Act, and to give on behalf of the Municipality to the Bank a promissory note or notes sealed with the Corporate Seal and signed by the Mayor and Director of Finance/Treasurer for the moneys so borrowed, with interest at such rate as may be agreed upon from time to time with the Bank. 2. THAT all sums borrowed pursuant to the authority of this by-law as well as all other sums borrowed in this year and in previous years from the 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 Municipality for the current year and for all preceding years as and when such revenues are received. 3. THAT the Director of Finance/Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest thereon, all of the moneys hereafter collected or received either on account or realized in respect of taxes levied for the current year and preceding years or from any other source which may lawfully be applied for such purpose. 4. THAT the Director of Finance/Treasurer is hereby authorized to furnish to the Bank a statement showing the nature and amount of the estimated revenues of the Municipality not yet collected and also showing the total of any amounts borrowed under Section 407 of the Municipal Act that have not been repaid. By-law read a first time and second time this 14th day of January 2008. By-law read a third and final time this 14th day of January 2008.