HomeMy WebLinkAbout2002-015
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 2002- 015
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 2002.
WHEREAS under Section 187 of the Municipal Act, R.S.O. 1990, Chapter MA5 the Municipality
is empowered to borrow for current expenditures from January 1st to September 30th, up to 50
percent and from October 1st to December 31st 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 FinancelTreasurer 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 required
for the purposes mentioned in Subsection (1) of Section 187 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 FinancelTreasurer 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 187, 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 FinancelTreasurer 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 FinancelTreasurer 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 187 of the Municipal Act that have not been repaid.
By-law read a first time and second time this 11th day of February, 2002
By-law read a third and final time this 11th day of February, 2002.
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