Name of Unit: ______________________________________________________________		

Resolution for Pre-Approval of Debenture Issuance Subject to Interest Rate	
	
	WHEREAS clause 66 (1) of the Municipal Government Act (the “Act”) provides that a municipality may borrow to carry out an authority to expend funds for capital purposes conferred by the Act or another Act of the Legislature;

	AND WHEREAS clause 91(1)(a) of the Act provides that where a municipality is authorized to borrow money, subject to the approval of the Minister of Municipal Affairs and Housing (the “Minister”), that the sum shall be borrowed by the issue and sale of debentures, in one sum or by installments, as determined by the council; 
										
	AND WHEREAS clause 91(1)(b) of the Municipal Government Act authorizes the council to determine the amount and term of, and the rate of interest, on each debenture, when the interest on a debenture is to be paid, and where the principal and interest on a debenture are to be paid;

	AND WHEREAS clause 91(2) of the Municipal Government Act states, that in accordance with the Finance Act, the mayor or warden and clerk or the person designated by the council, by policy, shall sell and deliver the debentures on behalf of the municipality at the price, in the sums and in the manner deemed proper;

	AND WHEREAS the resolution of council to borrow for was approved by the municipal council on____________________. 
(council’s TBR approval date)		     
	
BE IT THEREFORE RESOLVED

	THAT under the authority of Section 91 of the Municipal Government Act, the

				(Name of Unit)

borrow by the issue and sale of debentures a sum or sums not exceeding $__________ , for a period not to exceed ________ years, subject to the approval of the Minister;

	THAT the sum be borrowed by the issue and sale of debentures of the 

				(Name of Unit)		

in the amount that the mayor or warden and clerk or the person designated by the council deems proper, provided the average interest rate of the debenture does not exceed the rate of 6.0%;

	THAT the debenture be arranged with the Province of Nova Scotia with interest to be paid semi-annually and principal payments made annually;

	THAT this resolution remains in force for a period not exceeding twelve months from the passing of this resolution.

For Province use only:

TBR #:                 

Minister 
signed:                 

THIS IS TO CERTIFY that the foregoing is a true copy of a resolution duly passed at a meeting of the Council of the			

							(Name of Unit)

				held on the		day of			20		
					
GIVEN under the hands of the Mayor/Warden and the Clerk of the

							(Name of Unit)
					
				 this			day of			20     

						
				Mayor/Warden

				Clerk