BYLAW - FS08 001 Borrowing By law - 20070122 - 498608F
THE CORPORATION OF THE TOWN OF AURORA
By-law Number 4986-08.F
BEING A BY-LAW to authorize temporary
borrowing by the Corporation pending the receipt
of Municipal revenues, pursuant to Section 407 of
the Municipal Act, 2001, SO 2001, c. 25 as amended
WHEREAS pursuant to Section 407 of the Municipal Act, 2001, S.O. 2001, c. 25 as
amended may by by-law authorize the Head of Council and the Treasurer to borrow
from time to time by way of promissory note or banker’s acceptance such sums as the
Council considers necessary to meet, until property taxes are collected and other
revenues received, 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, and other purposes the Municipality is
required by law to provide for;
AND WHEREAS pursuant to the Municipal Act the amount that may be borrowed at
any one time for the purposes mentioned, together with the total of any similar
borrowings that have not been repaid, shall not exceed, from January 1st to September
30th of the year, 50 per cent of the total, and from October 1st to December 31st of the
year, 25 per cent of the total of the estimated revenues for the Corporation as set forth
in the estimates adopted for the year.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
AURORA ENACTS AS FOLLOWS:
1. THAT the Mayor and Director of Finance/Treasurer of the Town of Aurora are
hereby authorized to borrow from time to time such sums as the Council
considers necessary to meet, until property taxes are collected and other
revenues received, the current expenditures for the Corporation for the year,
including amounts required for sinking and retirement funds, principal and
interest due on any debt of the Municipality, school purposes, and other
purposes the Municipality is required by law to provide for.
2. THAT the amount that may be borrowed at any one time for the purposes
mentioned in section (1) together with the total of any similar borrowings that
have not been repaid shall not exceed, from January 1st to September 30th of the
year, 50 per cent of the total, and from October 1st to December 31st of the year,
25 per cent of the total of the estimated revenues for the Corporation as set forth
in the estimates adopted for the year.
3. THAT until such annual estimates are adopted, the limitations upon borrowing
prescribed by section (2) shall temporarily be calculated using the estimated
revenue of the municipality set out in the budget adopted for the previous year.
4. THAT In sections (2) and (3), estimated revenues do not include revenues
derivable or derived from, any borrowing, including through any issue of
debentures; a surplus, including arrears of taxes, fees or charges; or a transfer
from the capital fund, reserves or reserve funds.
5. THAT the lender is not responsible for establishing the necessity of temporary
borrowing or to the manner in which the borrowing is used.
By-law 4986-08.F
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6. THAT all sums borrowed pursuant to the authority of this by-law shall, with
interest thereon, be charge on the whole or any part or parts of the revenues of
the Corporation for the current year and for preceding years as and when such
revenues are received.
7. THAT any promissory note made under the authority of Section 1 of this by-law
shall be sealed with the seal of the Corporation and signed by the Mayor and
Director of Finance/Treasurer.
8. THAT By-law No. 4880-07.F be and is hereby repealed.
9. THAT the provisions of this by-law shall come into force and effect upon final
passage thereof and shall remain in effect until repealed.
READ A FIRST AND SECOND TIME THIS 22nd DAY OF JANUARY, 2008.
READ A THIRD TIME AND FINALLY PASSED THIS 22nd DAY OF JANUARY,
2008.
PHYLLIS M. MORRIS, MAYOR B. PANIZZA, MUNICIPAL CLERK