Bylaw No. 1043, 2023 2024 Revenue Anticipation Bylaw

TOWN OF PRINCETON

BYLAW 1043, 2023

REVENUE ANTICIPATION BYLAW, 2024

WHEREAS it is provided by Section 177 of the Community Charter that Council may, without the assent of the electors or the approval of the Inspector of Municipalities, provide for the borrowing of such sums of money as may be necessary to meet the current lawful expenditures of the municipality provided that the total of the outstanding liabilities does not exceed the sum of:

a) The whole amount remaining unpaid of the taxes for all purposes levied during the current year, provided that prior to the adoption of the annual property tax bylaw in any year, the amount of the taxes during the current year for this purpose shall be deemed to be 75% of the taxes levied for all purposes in the immediately preceding year; and

b) The whole amount of any sums of money remaining due from other governments; AND WHEREAS there are no liabilities outstanding under Section 177; AND WHEREAS the total amount of liability that Council may incur is four million seven hundred eighty-two thousand six hundred sixty-four dollars and seventy-six cents ($4,782,664.76), being 75% of the whole amount of the taxes levied for all purposes in prior year.

NOW THEREFORE, the Council of the Town of Princeton, in open meeting assembled, enacts as follows:

1. The Council shall be and is hereby empowered and authorized to borrow upon the credit

of the municipality an amount or amounts not exceeding the sum of is four million seven hundred eighty -two thousand six hundred sixty -four dollars and seventy -six cents ($4,782,664.76)

2. The form of obligation to be given as acknowledgement of the liability shall be a promissory

note or notes bearing the corporate seal and signed by the Mayor and the officer assigned the responsibility of financial administration of the municipality.

3. All unpaid taxes and the taxes of the current year when levied or so much thereof as may

be necessary shall, when collected, be used to repay the money so borrowed.

4. The Town of Princeton Revenue Anticipation Bylaw No. 1034, 2022 is hereby repealed.

5. This bylaw may be cited as the “Town of Princeton Revenue Anticipation Bylaw No. 1043,

2023”.

READ A FIRST TIME THIS 4th day of October 2023 READ A SECOND TIME THIS 4th day of October 2023 READ A THIRD TIME THIS 4th day of October 2023 ADOPTED THIS 18th day of October 2023

Mayor Spencer Coyne CAO Lyle Thomas Original signed by Mayor Coyne Original signed by CAO Thomas