Item No. 8.5

Council Report: C 209/2020

Subject: Approval of Annual Temporary Borrowing By-Law for 2021

Reference:

Date to Council: December 7, 2020
Author: Vince Grillo
Manager Treasury & Cash Management
519-255-6100 Ext. 6224
vgrillo@citywindsor.ca
Taxation & Financial Projects
Report Date: October 22, 2020
Clerk’s File #: AFB/13698

To : Mayor and Members of City Council

Recommendation:

THAT City Council AUTHORIZE the temporary borrowing of money for current expenditures for the year 2021, 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 Ban k’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 “S ecurity 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.