HomeMy WebLinkAboutBy-law No. 2009-095 THE CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO.2009-095
A BY-LAW AUTHORIZING THE BORROWING OF MONEY BY WAY OF
TEMPORARY ADVANCES TO MEET EXPENDITURES
MADE IN CONNECTION WITH THE WATER
INFRASTRUCTURE RENEWAL PROJECT.
WHEREAS the Municipal Act, 2001 as amended authorizes a municipality to incur debt for
municipal purposes and to enter prescribed financial agreements for such debt;
AND WHEREAS the Municipality desires to obtain interim financing for the water
infrastructure renewal project;
AND WHEREAS the Royal Bank of Canada has agreed to provide such interim financing;
THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM ENACTS AS FOLLOWS:
Borrowing 1) The head of Council and the Treasurer are hereby authorized to
Authority borrow from time to time by way of promissory note or bankers'
acceptance during and for the purposes of the water infrastructure
renewal project such sums as may be necessary to meet the capital
expenditures.
Instruments 2) A promissory note or bankers' acceptance made under Section 1
shall be signed by the head of Council or such other person as is
authorized by by-law to sign it and by the Treasurer.
Lenders 3) The lenders from whom amounts may be borrowed under authority
of this by-law shall be the Royal Bank of Canada.
Limit on 4) The total amount which may be borrowed at any one time under
Borrowing this by-law, shall not exceed the total estimated cost of the water
infrastructure renewal project or$2,200,000.
Borrowing 5) The Treasurer shall, at the time when any amount is borrowed
Documents under this by-law, ensure that the lender is or has been furnished
Required with a certified copy of this by-law and a copy of the estimates
adopted for the current year and also showing the total of any other
amounts borrowed from any and all sources under authority of the
Municipal Act, 2001, as amended,that have not been repaid.
Charge on 6) All or any sums borrowed under this by-law shall, with interest
Revenues thereon, be a charge upon the whole of the revenues of the
municipality for the current year and for any preceding years as
and when such revenues are received but such charge does not defeat
or affect and is subject to any prior charge then subsisting in favour
of any other lender.
Directive to 7) The Treasurer is hereby authorized and directed to apply in
Treasurer payment of all or any sums borrowed under this by-law,together
with interest thereon,all or any of the money hereafter collected or
received,either on account of or realized in respect of the taxes
levied for the current year and preceding years or from any other
source,which may lawfully be applied for such purpose.
Effective Date 8) This by-law shall come into full force and effect upon date of
passing.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 13th DAY
OF AUGUST 2009.
�I 1 k , L�Ar Vyn,I� �5 rizY#,R CLRK