43-2002ExpendituresCntyEssex - Laserfiche WebLink

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THE CORPORATION OF THE COUNTY OF ESSEX BY -LAW # 43 -2002 A BY -LAW AUTHORIZING THE TEMPORARY BORROWING OF $8,000,000.00 TO MEET THE CURRENT EXPENDITURES OF THE CORPORATION OF THE COUNTY OF ESSEX FOR THE YEAR 2003. WHEREAS Section 407 S(1) of the Municipal Act 2001, provides Council with the authority to authorize temporary borrowing of such sums as the Council considers necessary to meet, until the taxes are collected, the current expenditures of the Corporation for the year including the amounts required for sinking and retirement funds, principal and interest due on any debt of the municipality, school purposes, other purposes the municipality is required by law to provide for; and the amount of principal and interest payable by a person or municipality primarily liable for a debt, if the municipality has guaranteed the debt and the debt is in default; AND WHEREAS the amount that may be borrowed at any one tune, together with any similar borrowings that have not been repaid, shall not, except with the approval of the Ontario Municipal Board, exceed from January I' to September 3& of the year, 50 percent of the total, and from October I' to December 31', 25 percent of the total of the estimated revenues of the municipality as set forth in the estimates adopted for the year; AND WHEREAS The Council of the Corporation of the County of Essex (hereinafter called the "Municipality") deems it necessary to temporarily borrow a sum or sums not exceeding the aggregate of $8,000,000.00, until tax levy instalments have been received, to meet the current expenditures of the Municipality in the year 2003; NOW THEREFORE the Council of the Corporation of the County of Essex enacts as follows: 1. THAT the Warden and the Treasurer are hereby authorized on behalf of the Municipality to borrow from time to time, by way of promissory note or bankers' acceptance, a sum or sums not exceeding the aggregate of $8,000,000.00 to meet the current expenditures of the Municipality of the year, in accordance with the Municipal Act, 2001. 2. THAT all sums borrowed pursuant to the authority of this by -law, as well as all other sums borrowed in the year 2003 and in previous years from the said Bank for any or all of the purposes mentioned in Section 407 of the said Act, shall, with interest thereon, be a charge upon the whole of the revenues of the Municipality for the year 2003 and for all preceding years as and when such revenues are received.