Bylaw No. 3041-2020
Revenue Anticipation Borrowing Bylaw, 2020
| Contents | ||
|---|---|---|
| 1 Interpretation | ||
| 2 Revenue anticipation borrowing authorized | ||
| 3 Borrowing limit | ||
| 4 Repayment of borrowed money | ||
The Council of the City of Abbotsford, in open meeting assembled, enacts as follows:
Revenue anticipation borrowing authorized
2 The City may borrow money in accordance with this bylaw that may be necessary to
(a) meet current lawful expenditures, and
(b) pay amounts required to meet the City's taxing obligations in relation to another local government or other public body.
Borrowing limit
3 (1) Money borrowed under this bylaw 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.
(2) Before the adoption of the annual property tax bylaw in any year, the taxes in that year are deemed to be 75% of all property taxes imposed for all purposes in the preceding year.
Repayment of borrowed money
4 When collected, revenue from property taxes must be used as necessary to repay money borrowed under this bylaw.