Bylaw No. 2041-2011
Revenue Anticipation Borrowing Bylaw, 2011
| Contents | ||
|---|---|---|
| 1 Citation | ||
| 2 Borrowings authorized | ||
| 3 Form of obligation | ||
| 4 Rate of interest | ||
| 5 Repayment of borrowing | ||
| 6 Effective date | ||
WHEREAS Council may, by bylaw, pursuant to the Community Charter, provide for the borrowing of money that may be necessary to meet the current lawful expenditures, and to pay amounts required to meet the City's taxing obligations in relation to another local government or other public body;
AND WHEREAS, the debt outstanding must not exceed the total of:
(a) the unpaid taxes for all purposes imposed during the current year; and
(b) the money remaining due from other governments;
AND WHEREAS, before adoption of the annual property tax bylaw in any year, the taxes in that year are deemed to be 75% of all taxes imposed for all purposes in the preceding year;
AND WHEREAS, the annual property tax bylaw for 2011 has not been adopted;
AND WHEREAS, the amount of taxes levied for all purposes in 2010 for the City of Abbotsford was $107,318,919 and 75% of the total amount is $80,489,189;
The Council of the City of Abbotsford, in open meeting assembled, ENACTS AS FOLLOWS:
Borrowings authorized
2 The City of Abbotsford shall be authorized to borrow, upon the credit of the City, amounts required, but not exceeding the lesser of $5,000,000, or the limits imposed by the Community Charter.
Form of obligation
3 The officer assigned the responsibility for financial administration under the Community Charter, may borrow, by means of operating lines of credit or bank overdrafts. Where the borrowing is other than by way of operating lines of credit or bank overdrafts, the form of obligation to be given, as an acknowledgment of the liability by the City, shall be a promissory note signed by the Mayor and the officer assigned the responsibility for financial administration, and sealed with the corporate seal. All borrowing shall be made payable on, or before, the 31st day of December, 2011.
Rate of interest
4 All borrowing shall bear interest from the date of borrowing to the date of payment at a rate not to exceed the prime lending rate of Canadian chartered banks.
Repayment of borrowing
5 When collected, revenue from property value taxes shall be used, as necessary, to repay money borrowed.