Minutes
City Council
Monday, December 7, 2020

That City Council ESTABLISH the collection of the 2021 interim property taxes over three instalment dates being; February 17, March 17, and April 14, 2021; and,

That City Council APPROVE a rate of 1 ¼ % to be imposed as a penalty for non-payment of property taxes on the first day of default and a further rate of 1 ¼ % per month as interest on taxes due but unpaid; and,

That the City Solicitor BE AUTHORIZED to prepare the necessary by-law to enact the 2021 interim property tax bills.

Carried.

Report Number: C 230/2020

Clerk’s File: AF/13698

8.5. Approval of Annual Temporary Borrowing By-Law for 2021

Moved by: Councillor Bortolin

Seconded by: Councillor Costante

Decision Number: CR603/2020

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 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 209/2020

Clerk’s File: AFB/13698