HomeMy WebLinkAbout2023-007If this information is required in an alternate format, please contact the Accessibility
Coordinator at 905-623-3379 ext. 2131.
The Corporation of the Municipality of Clarington
By-law 2023-007
Being a by-law to authorize the borrowing of $15,000,000 to meet, until taxes are
collected, the current expenditures of the Municipality for the year 2023.
Whereas under Section 407 of the Municipal Act, 2001, the Municipality is empowered
to borrow for current expenditures from January 1 to September 30, up to 50 per cent
and from October 1 to December 31 up to 25 per cent, of the estimate revenues for the
year;
Now therefore the Council of the Municipality of Clarington enacts as follows:
That the Deputy CAO/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 received.
3. That the Deputy CAO/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 Deputy CAO/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, 2001, that have not been
repaid.
5. That this by-law shall become effective on the date of passage.
Passed in Open Council this 23rd day of January, 2023.
Adrian Foster, Mayor
June Gallagher, Municipal Clerk