HomeMy WebLinkAbout2010-001THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 2010-001
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 2010
WHEREAS under Section 407 of the Municipal Act, 2001,.S.0. c. 24, the Municipality is
empowered to borrow for current expenditures from January 1s'to September 30t", up to 50
percent and from October 1s'to December 31s' up to 25 percent, of the estimated revenues;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF
CLARINGTON HEREBY ENACTS AS FOLLOWS:
THAT the Director of Finance/Treasurer be hereby authorized on behalf of the
Municipality to borrow from time to time by way of operating line of credit/overdraft
facility, 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 required for the purposes mentioned in Subsection (1) of Section 407 of
the Municipal Act, with interest at such rate as may be agreed upon from time to time
with the Bank under the banking contract.
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.
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
monies 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 11`h day of January 2010.
By-law read a third and final time this 11"' day of January 2010.
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Chaflie _ rrfi;: DBRaty Mayor
Clerk