Minutes City Council Monday, December 16, 2019

Page 5 of 24

Report Number: CMC 19/2019

8. CONSENT AGENDA

8.1. Approval of Annual Temporary Borrowing By-Law for 2020

Moved by: Councillor Morrison Seconded by: Councillor Sleiman

Decision Number: CR619/2019

That City Council AUTHORIZE the temporary borrowing of money for current expenditures for the year 2020, if and when required, as provided for under the provisions of Section 407 of the Municipal Act; and,

That City Council AUTHORIZE the CAO and City Clerk to execute the related banking agreements including any line of credit commitment letters as deemed necessary to establish/maintain the line of credit facility approved as to legal content by the City Solicitor and as to technical and financial content to the CFO/City Treasurer; and,

That City Council AUTHORIZE the CAO and CFO/City Treasurer to borrow on a temporary basis, such sums, if any, as considered necessary to meet the current expenditures of the Corporation for the year until the taxes are collected and other revenues are received; and to EXECUTE any such related banking agreements including but not limited to the Bank's Acceptance Agreement and Overdraft Lending Agreement approved as to legal content by the City Solicitor and as to technical and financial content to the CFO/City Treasurer; and,

That City Council AUTHORIZE the CAO and CFO/City Treasurer to sign the "Security Agreement Municipalities and School Boards" banking document subject to approval for legal content by the City Solicitor and as to technical and financial content to the CFO/City Treasurer; and,

That the City Solicitor BE DIRECTED to prepare the necessary by-law. Carried. Report Number: C 180/2019 Clerk's File: AF2019

8.2. 2020 Interim Property Tax By-Law

Moved by: Councillor Morrison Seconded by: Councillor Sleiman

Decision Number: CR620/2019 That City Council DIRECT Administration to prepare 2020 interim property tax bills based upon 50% of the 2019 total levy inclusive of education tax; and,