Council authorizes borrowing of $3 million
by Michelle Minnoch

Council passed a by-law at their January 3rd meeting to authorize the borrowing of $3 million to meet the current expenditures for the year 2007 for the Corporation of the Town of Innisfil.

"No body has a problem borrowing that $3 million?" asked Mayor Brian Jackson earlier in the evening when the recommendation was read and that the by-law be read for approval that night.

According to staff report CRP-001-07, "Section 407 of the Municipal Act 2001 permits a municipality to authorize temporary borrowing, until the taxes are collected and other revenues received, of the amount Council considers necessary to meet the current expenditures of the municipality for the year".

The by-law is introduced to council at the beginning of each year for the authorization to use the Operating Line of Credit offered by TD Canada Trust.

The report states the credit is rarely, "if ever", used.

Council passed the bylaw without discussion.