A by-law to authorize the Temporary Borrowing of Monies to meet Expenses of the Municipality pending receipt of Revenues.

WHEREAS, Section 407 of the Municipal Act, 2001 S.O. 2001, c.25 as amended, (hereinafter referred to as "the Act") provides that subject to limitations contained therein, at any time during a fiscal year, a municipality may authorize temporary borrowing, until the taxes are collected and other revenues are received, of the amount that the municipality considers necessary to meet the expenses of the municipality for the year;

AND WHEREAS, estimated revenues adopted for the year 2013, excluding contributions from reserves and any prior year surplus, are $1,801,843,479;

AND WHEREAS, the Debt Issuance Committee of the Regional Corporation has by resolution adopted on this 9th day of January, 2014, authorized the enactment of a by-law to authorize the temporary borrowing of monies to meet the current expenditures pending receipt of revenues;

NOW THEREFORE, the Council of the Regional Corporation enacts as follows:

  1. The Regional Chair and the Chief Financial Officer and Commissioner of Corporate Services of the Regional Corporation are hereby authorized to borrow from time to time by way of promissory note such sum or sums at any one time not exceeding the total amount of $900,921,740 between 1st January, 2014 and 30th September, 2014 and $450,460,870 between 1st October, 2014 and 31st December, 2014 to meet the 2014 current expenditures of the Regional Corporation in accordance with the limitations and for the purposes set forth in Section 407 of the Act.

  2. All sums borrowed pursuant to the authority of this by-law for 2014 current expenditures of the Regional Corporation shall, with interest thereon, be a charge upon the whole or any part or parts of the revenues of the Regional Corporation for 2014 and for any subsequent years as and when such revenues are received.

  3. Any promissory note, bankers' acceptance or loan agreement issued under this by-law shall be sealed with the seal of the Regional Corporation and signed by the Regional Chair or such other signing officer as may be designated by by-law and the Chief Financial Officer and Commissioner of Corporate Services.

READ THREE TIMES AND PASSED IN OPEN COUNCIL this 9th day of January, 2014.

K. Lockyer

Regional Clerk

E. Kolb

Regional Chair