2007-064 To Authorize the borrowing of $1,500,000.00THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 2007- 064
A By-law to authorize the borrowing of $1,500,000.00
WHEREAS pursuant to S.407 of The Municipal Act S.O. 2001 c.25, as amended, the Council of
the Corporation deems it necessary to borrow monies from time to time to meet, until the taxes
are collected, the current expenditures for the year 2007 (hereinafter called "the year").
AND WHEREAS pursuant to the authority of this by-law the amount that may be borrowed at
any one time shall be as follows for the period from January is`, to September 30"' of the year,
50% of the total estimated revenue of the Corporation, as set forth in the estimates adopted for
the year, and for the period from October 1 s` to December 315' of the year, 25% of the total
estimated revenue of the corporation as set forth in the estimates adopted for the year.
AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in
the estimated adopted for the year, not including revenues derivable or derived from the
borrowings or issues of debentures or from surplus including arrears of levies or from the
transfer from the capital fund, reserve fund or reserves, is $16,482,034.
AND WHEREAS 25% of estimated revenues, Tess the amount of revenue derived from,
(1) borrowing or issuing of debentures;
(2) a surplus, including arrears of levies;
(3) transfer from the capital fund, reserve funds or reserves, is $4,120,508.
NOW THEREFORE the Council of the Township of Oro-Medonte hereby enacts as follows:
That the Mayor and Treasurer are hereby authorized on behalf of the Corporation to
borrow monies from time to time, by way of promissory note, from TD Canada Trust,
necessary to meet, until the taxes are collected, the current expenditures of the
Corporation for the year, provided that the amount that may be borrowed at any one
time, together with the total of any similar borrowings that have not been repaid, shall not
exceed the sum of One Million Five Hundred Thousand Dollars and to give, on behalf of
the Corporation, to the said Bank a promissory note or notes, sealed with the corporate
seal and signed by the Mayor and Treasurer for the monies so borrowed with interest at
the Bank's prime interest rate which rate shall be as notified by the Bank to the
Treasurer from time to time.
2. All sums borrowed pursuant to the authority of this By-Law as well as all other sums
borrowed in the year and all preceding years from the said Bank to meet current
expenditures of the Gorporation shall, with interest thereon, be a charge upon the whole
of the revenues of the Corporation for the year and for all preceding years as and when
such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment to 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 the taxes levied for the
year and preceding years, or from any other source, which may lawfully be applied for
such purpose.
4. This by-law shall take effect on the final passing thereof.
BY-LAW READ A FIRST AND SECOND TIME THIS 13T" DAY OF JUNE, 2007.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 13"~ DAY OF JUNE, 2007.
OF THE TOWNSHIP OF ORO-MEDONTE
J.