|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 2-2002|
|A by-law to authorize the Temporary Borrowing of Monies to meet Current Expenditures pending receipt of Revenues.|
WHEREAS Section 110 of the Regional Municipalities Act, R.S.O., 1990, Chapter R.8, as amended, (hereinafter referred to as "the Act") provides as follows:
(1) The Regional Council may by by-law, either before or after the passing of by-laws for imposing levies on the area municipalities for the current year, authorize the chair and treasurer to borrow from time to time by way of promissory note or bankers' acceptance such sums as the Regional Council considers necessary to meet, until the levies and other revenues are received, the current expenditures of the Regional Corporation for the year, including the amounts required for principal and interest falling due within the year upon any debt of the Regional Corporation and the sums required by law to be provided by the Regional Council for any local board of the Regional Corporation.
(2) The amount that may be borrowed at any one time for the purposes mentioned in subsection (1), together with any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal Board, exceed from January 1st to September 30th of the year, 50 percent of the total, and from October 1st to December 31st, 25 percent of the total of the estimated revenues of the Regional Corporation as set forth in the estimates adopted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection (2) shall temporarily be calculated upon the estimated revenues of the Regional Corporation as set forth in the estimates adopted for the next preceding year.
(3.1) For the purposes of subsections (2) and (3), estimated revenues do not include revenues derivable or derived from,
(a) borrowings or issues of debentures;
(b) a surplus, including arrears of levies; or
(c) a transfer of reserve funds or reserves."
AND WHEREAS no estimates have been adopted for 2002 and the estimated revenues adopted for the year 2001, excluding contributions from reserves and any prior year surplus, were $787,469,000;
AND WHEREAS the Council of the Regional Corporation has by resolution adopted on the 24th January, 2002, 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 Treasurer and Commissioner of Finance 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 $393,734,500 between 1st January, 2002 and 30th September, 2002 and $196,867,250 between 1st October, 2002 and 31st December, 2002 to meet the 2002 current expenditures of the Regional Corporation in accordance with the limitations and for the purposes set forth in Section 110 of the Act.
2. All sums borrowed pursuant to the authority of this by-law for 2002 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 2002 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 Treasurer and Commissioner of Finance.
READ THREE TIMES AND FINALLY PASSED IN OPEN COUNCIL this 24th day of January,