|THE REGIONAL MUNICIPALITY OF PEEL|
|BY-LAW NUMBER 6-2011|
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 2010, excluding contributions from reserves and any prior year surplus, are $1,509,216,670;
AND WHEREAS the Council of the Regional Corporation has by resolution adopted on this 10th day of February, 2011, 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:
READ THREE TIMES AND PASSED IN OPEN COUNCIL this 24th day of February, 2011.