Item No. 13.3

BY-LAW NUMBER 13-2020

A BY-LAW TO AUTHORIZE THE TEMPORARY BORROWING OF MONEY FOR CURRENT EXPENDITURES FOR 2020

Passed the 20th day of January, 2020.

WHEREAS pursuant to the provisions of section 407 of the Municipal Act, 2001 as amended, Council may, either before or after the passing of the by-law for imposing the rates for the current year, borrow such sums as Council considers necessary to meet, the current expenditures of the Corporation for this year;

AND WHEREAS it is deemed expedient to authorize the temporary borrowing of money to meet current expenditures for this year;

THEREFORE the Council of the Corporation of the City of Windsor enacts as follows:

1. (a) The City of Windsor is hereby authorized to borrow on the credit of the Corporation from time to time by way of a promissory note or bankers' acceptance signed by them on behalf of the Corporation, a sum or sums of money not exceeding, from January 1 to September 30 of this year, fifty percent (50%) of the total of the estimated revenues of the Corporation as set forth in the budget estimates adopted by Council for this year and not exceeding, from October 1 to December 31 of this year, twenty-five percent (25%) of the total of the estimated revenues of the Corporation as set forth in the budget estimates adopted by Council for this year.

(b) For the purposes of subsections (a) and (b) hereof, estimated revenues shall not include revenues derivable or derived from the following:

2. The Chief Administrative Officer and the City Clerk are hereby authorized to execute any related banking agreements for the above, including any line of credit commitment letters as deemed necessary to establish and maintain lines of credit.

3. The Chief Administrative Officer and City Clerk are further authorized to execute the "Security Agreement – Municipalities and School Boards."

4. This by-law shall come into force and take effect on the day of the final passing thereof.

DREW DILKENS, MAYOR

CITY CLERK

First Reading - January 20, 2020 Second Reading - January 20, 2020 Third Reading - January 20, 2020