Bylaw No. 1005, 2021 Internal Borrowing Bylaw

TOWN OF PRINCETON

BYLAW 1005, 2021

INTERNAL BORROWING BYLAW, 2021

WHEREAS Section 189(4.1) of the Community Charter allows Council to transfer funds from a reserve fund that is not currently in use to another fund; AND WHEREAS the Council of the Town of Princeton feels that the Future Amenity Fund is not currently required for the construction of a future amenity at this time; AND WHEREAS the Council of the Town of Princeton feels that the reserve would best service the residents of the Town of Princeton by transferring the funds to the Land Sales Reserve; NOW THEREFORE, the Council of the Town of Princeton, in open meeting assembled, enacts as follows:

1. The Council of the Town of Princeton hereby authorizes the financial officer of the

municipality to transfer funds from the future amenity reserve to the land sales reserve of $150,000 subject to the following terms: a. The funding will be used to purchase land for the use of the Town of Princeton as Council sees fit, including disposition by lease; b. The terms of repayment shall be as per Section 189(4.2) of the Community Charter. The amount of repayment is the full balance of $150,000 plus interest as listed as the operating account of the Town’s current interest rate amortized and compounded monthly; c. The amount of repayment shall be transferred back into the future amenity reserve from the land sales reserve as soon as sufficient land sales are recorded for the current fiscal year. The deadline for transfer back shall be December 31, 2021 or as soon as the land sales reserve has sufficient funds, whichever event happens first;

2. This bylaw may be cited as the “Town of Princeton Internal Borrowing Bylaw No. 1005,

2021”. READ A FIRST TIME THIS 30th day of June, 2021 READ A SECOND TIME THIS 30th day of June, 2021 READ A THIRD TIME THIS 30th day of June, 2021 ADOPTED THIS 14th day of July, 2021

Mayor Spencer Coyne DCO Carrie Kassa Original signed by Mayor Coyne Original signed by DCO Kassa