HomeMy WebLinkAbout04 003 current operating borrow
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TIlE CORPORATION OF TIlE MUNICIPALITY OF KINC INE
BY-LAW
NO. 2004 - 03
BEING A BY·LAW TO AUTHORIZE THE BORROWING OF ONEY TO MEET
THE CURRENT EXPENDITURES OF THE MUNICIPALITY F KINCARDINE
WHEREAS in accordance with Subsection 407 (1) of the M nicipal Act, 2001,
5.0. 2001, c. 25 as amended. the municipality considers it ne essary to borrow
the amount of one million dollars ($1,000,000), until taxes are ollected, to meet
the current expenditures of the municipality for the year 2004;
AND WHEREAS pursuant to Subsection 407(2) of the Munici al Act, 2001, 5.0.
2001, c. 25 as amended, the total amount borrowed pursu nt to this by-law
together with the total of any similar borrowings is not to ex eed the limits set
forth in that subsection;
AND WHEREAS the total amount previously borrowed b the municipality
pursuant to Section 407 that has not been repaid is $nil;
AND WHEREAS in accordance with Subsection 407(6), a municipality may
delegate the power in Subsection 407(1) to the head of coun ii, to the treasurer
or to both of them;
NOW THEREFORE the Council for The Corporation of t e Municipality of
Kincardine ENACTS as follows:
1.
The Mayor and Treasurer are hereby authorized n behalf of the
municipality to borrow from time to time by way of p missory note or
banker's acceptance from the Canadian Imperial Ban of Commerce a
sum or sums not exceeding in the aggregate of $1,000000 to meet, until
taxes are collected, the current expenditures of the unicipality for the
year (including the amounts required for the purpo es mentioned in
Subsection 407(1) and to give to the Canadian mperial Bank of
Commerce promissory notes or banker's acceptances as the case may
be, sealed with the corporate seal of the municipality nd signed by the
Mayor and Treasurer for the sums borrowed plus intere t at a rate agreed
from time to time with the Canadian Imperial Bank of merce.
2. All sums borrowed pursuant to this by-law, as well s all other sums
borrowed pursuant to the Act in this year and in previ us years from the
Canadian Imperial Bank of Commerce for any purpos will, with interest
thereon, be a charge upon the whole of the revenues f the municipality
for the current year and for all preceding years as and hen this revenue
is received.
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2004 Current Operating Borrowing By-law
By-law No. 2004 - 03
Page 2 of 2
3.
The Treasurer is hereby authorized and directed to apply in payment of all
sums borrowed plus interest, all of the monies collecte or received on
account in respect of taxes levied for the current year an preceding years
or any other source which may lawfully be applied for this purpose.
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The Treasurer is authorized to furnish, to the Canadian l,mperial Bank of
Commerce, a statement showing the nature and amount of the estimated
revenues of the municipality not yet collected and also sh wing the total of
any amounts borrowed that have not been repaid.
4.
5.
This by-law shall come into full force and effect at the tim of its passing.
6.
This by-law may be cited as the "2004 Current Operating
By-law".
READ a FIRST, SECOND and THIRD time and FINALLY PASS
71t1 day of January, 2004.
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