HomeMy WebLinkAbout2020-088If this information is required in an alternate format, please contact the Accessibility
Co-ordinator at 905-623-3379 ext. 2131
The Corporation of the Municipality of Clarington
By-law 2020-088
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 2021
Whereas under Section 407 of the Municipal Act, 2001, the Municipality is empowered
to borrow for current expenditures from January 1st to September 30, up to 50 per cent
and from October 1 to December 31 up to 25 per cent, of the estimated revenues for the
year;
Now Therefore be it resolved that The Council of the Corporation of the Corporation of
the Municipality of Clarington enact as follows:
1. That the Director of Financial Services/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, 2001, 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 receive;
3. That the Director of Financial Services/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;
and