Bylaw No. 1065, 2026 Revenue Anticipation Bylaw
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TOWN OF PRINCETON
BYLAW 1065, 2026
REVENUE ANTICIPATION BYLAW
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 e xpenditures 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 five million six hundred fifty- one thousand sixty-two dollars and thirty-nine cents ($5,651,062.39), being 75% of the whole amount of the taxes levied for all purposes in the 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 five million two hundred ninety thousand two hundred forty dollars and seventy-five cents ($5,651,062.39)
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 The Town of Princeton Revenue Anticipation Bylaw No. 1053, 2024 is hereby repealed.
5. This bylaw may be cited as the “Town of Princeton Revenue Anticipation Bylaw No. 1065,
2026”.
READ A FIRST TIME THIS 4th day of February, 2026 READ A SECOND TIME THIS 4th day of February, 2026 READ A THIRD TIME THIS 4th day of February, 2026 ADOPTED THIS 18th day of February, 2026
Mayor Spencer Coyne CAO Lyle Thomas Original signed by Mayor Coyne Original signed by CAO Thomas