WHEREAS it may be necessary for Grand River Conservation Authority (hereinafter called the “Authority”) to borrow money, on an interim basis, to meet the Authority’s financial obligations while awaiting payment of levies by participating municipalities designated as such under The Conservation Authorities Act, RSO 1990 (hereinafter called “Participating Municipalities”);
THEREFORE BE IT RESOLVED:
THAT the Authority be authorized to borrow, on an interim basis, a sum or sums not exceeding in the aggregate One Million Dollars ($1,000,000) from the Authority’s bank at the said bank’s minimum lending rate established from time to time, until the Authority has received payment of levies from Participating Municipalities;
AND THAT the Chair or Vice-Chair together with the Chief Administrative Officer or Secretary-Treasurer of the Authority be and they are hereby authorized to execute for and on behalf of the Authority, a promissory note or notes for the sum to be borrowed pursuant to this Resolution and to affix thereto the corporate seal of the Authority;
AND THAT the amount borrowed pursuant to this Resolution, together with interest thereon, be a charge upon the whole of the money received or to be received by the Authority by way of levies collected from Participating Municipalities when such moneys are received;
AND THAT the Chair or Vice-Chair or the Chief Administrative Officer or Secretary-Treasurer of the Authority be and is hereby authorized and directed to apply, in payment of the moneys borrowed pursuant to this Resolution together with interest thereon, all of the moneys received by the Authority by way of levies collected from Participating Municipalities.