1998-048 To Authorize Borrowing
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 98- 4 B
.
BEING A BY-LAW TO AUTHORIZE BORROWING
WHEREAS pursuant to The Municipal Act, RS.O., 1990, Chapter MA5, Section 187,
as amended, the Council of the Corporation deems it necessary to borrow monies from
time to time such sums to meet, until the taxes are collected and other revenues are
received, the current expenditures of the Corporation for the year;
AND WHEREAS pursuant to The Municipal Act, RS,O., 1990, Chapter MA5, Section
163, as amended, the monies raised for a reserve fund may be invested in such
securities as set out in The Trustee Act;
AND WHEREAS pursuant to The Trustee Act, RS.O., 1990, Chapter T.23, Section 26,
as amended, money may be held in bonds, debentures or other evidences of
indebtedness of any municipal corporation;
AND WHEREAS the amount that may be borrowed at anyone time for the above
purposes, together with the total of any similar borrowings that have not been repaid,
shall not exceed from January 1 sl to September 30lh of the year, fifty (50) per cent of the
total, and from October 1 st to December 31 st, twenty-five (25) per cent of the total of the
estimated revenues of the Corporation;
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the preceding year, not including revenues derivable
or derived from (a) borrowings or issues of debentures, (b) surpluses including arrears
of levies, and (c) transfers from the capital fund, reserve funds, or reserves is
$21,106,706 (8,796,442 + 1,545,426 - 172,932 + 11,293,369 + 1,264,046 - 0 -
310,942 -1 ,308,703);
AND WHEREAS twenty-five (25) per cent of the total of the estimated revenues of the
Corporation as set forth in the estimates adopted for the preceding year is $5,276,676;
NOW THEREFORE the Council of The Corporation of the Township of Oro-Medonte
hereby enacts as follows:
1. 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 or bankers'
acceptance, from the Toronto Dominion Bank and the Reserve Funds of the
Corporation of the Township of Oro-Medonte such sums as the Council considers
necessary to meet, until the taxes are collected and other revenues are received,
the current expenditures of the Corporation for the year, including the amounts
required for school purposes and county purposes;
2. That the amount that may be borrowed at anyone time for the above purposes,
together with the total of any similar borrowings that have not been repaid, shall not
exceed form January 1st to September 30lh of the year, $2,000,000 and from
October 1st to December 31st of the year, $1,000,000; and,
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3. That this by-law shall come into full force and take effect on its final passing thereof.
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BY-LAW READ A FIRST AND SECOND TIME THIS 6th DAY OF
~1av , 1998.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 6 th
MAY ,1998.
DAY OF
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR IAN BEARD
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CLERK LYNDA AIKEN
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