Board policy manual & workplace conduct - Kingston General Hospital

ISSUED BY:AUTHORIZED BY:CATEGORY:COMMITTEE:KGH Board of DirectorsKGH Board of DirectorsFinancial and Organizational ViabilityResourcesNUMBER: IV-6ISSUE DATE: April 2010REVISION DATES: May 2011REVIEW DATE: April 2011PAGE: 1 of 1SUBJECT:BORROWINGArticle 9.02 of the By-law provides that designated signing officers of the Kingston GeneralHospital may from time to time borrow money from a bank. Approval from the Board of Directorsis required for Kingston General Hospital to borrow money.The Hospital will only borrow money for the following purposes:i) To secure operating financing (line of credit) to fund normal operating requirementsarising from timing differences between cash inflows and expenditures;ii) To secure bridge financing for working capital requirements;iii) To secure capital project financing to support a capital project.Annually the board will pass a resolution appointing the signing officers of the corporation.Note: Purposes for borrowing should be reviewed/confirmed by Resources Committee.