HomeMy WebLinkAbout01 092 cibc operat borrow bylow
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
NO. 2001 - 92
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF THE MUNICIPALITY
OF KINCARDINE
WHEREAS in accordance with subsection 187(1) of the Municipal Act, R.S.O.
1990, chapter M. 45, the municipality considers it necessary to borrow the
amount of one million dollars ($1,000,000) to meet, until taxes are collected, the
current expenditures of the municipality for the year 2001;
AND WHEREAS pursuant to subsection 187(2) of the Municipal Act, R.S.O.
1990, chapter M. 45, the total amount borrowed pursuant to this by-law together
with the total of any similar borrowings is not to exceed the limits set forth in that
subsection;
AND WHEREAS the total amount previously borrowed by the municipality
pursuant to section 187 that has not been repaid is $nil;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1.
The mayor and treasurer are hereby authorized on behalf of the
municipality to borrow from time to time by way of promissory note or
banker's acceptance from the Canadian Imperial Bank of Commerce a
sum or sums not exceeding in the aggregate of $1,000,000 to meet, until
taxes are collected, the current expenditures of the municipality for the
year (including the amounts required for the purposes mentioned in
subsection 187(1) of the Municipal Act) and to give to the Canadian
Imperial Bank of Canada promissory notes or banker's acceptances, as
the case may be, sealed with the corporate seal of the municipality and
signed by the mayor and treasurer for the sums borrowed plus interest at
a rate agreed from time to time with the Canadian Imperial Bank of
Canada.
2. All sums borrowed pursuant to this by-law, as well as all other sums
borrowed pursuant to the Act in this year and in previous years from the
Canadian Imperial Bank of Canada for any purpose will, with interest
thereon, be a charge upon the whole of the revenues of the municipality
for the current year and for all preceding years as and when this revenue
is received.
3.
The treasurer is hereby authorized and directed to apply in payment of all
sums borrowed plus interest, all of the moneys collected or received on
account in respect of taxes levied for the current year and preceding years
or any other source which may lawfully be applied for this purpose.
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By-law No. 2001 - 92
2001 Current Operating Borrowing By-Law
Page 2
4.
The treasurer is authorized to furnish, to the Canadian Imperial Bank of
Canada, a statement showing the nature and amount of the estimated
revenues of the municipality not yet collected and also showing the total of
any amounts borrowed that have not been repaid.
5.
This by-law shall come into full force and effect at the time of its passing.
6.
This by-law may be cited as the "2001 Canadian Imperial Bank of
Commerce Operating Borrowing By-law".
READ a FIRST, SECOND and THIRD time and DEEMED TO BE PASSED this
25th day of July, 2001.
Clerk
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I release Canadian imperial Bank of Commerce from aU claims I may have in respect
of the Box and its contents. I am surrending the Box and aD keys! combination(s¡.Ear
it. I certify that aD of its _tents have been removed.
Amount Due or Rebate $
includes - repairs $
includes - taumt. $
:¡';'J..~.;>~ .-
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Keys Returned:
·i'~t..
rt.{..-:'
.~ Date
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Signature Sipature
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Additional TerI1is Jma'C:onditions
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In this lease, "I", "me" and "my" refer to each customer who signs on the front of this form "you", "your" end "yours'" refer to the
Canadian Imperial Bank of Commerce.
1. Lease and Rant. I agrea to rent a Safety Deposit Box ("Box") at the branch noted on the front of this form ("Branch") fro.th '
date of signing this lease until It Is terminated. I agrea to pay rent'in advance et your annual rental rate in effect from time to,
plus all applicable taxes. I agree that you may. charge rent and any other amount due to you under this lease to any acc
have with you. .
2. Abandonment. You will consider the Box to be abandoned If rent Is not paid within three months of the due dete. You will notify
me of this occurrence by a notice sent by registered mail to my most recent address In the Brsnch's records. If I do not pay the
amount due to you within 30 days after the notice is delivered or sent, you may force open the Box, remove Its contants and
hold them until you have been paid III ell outstanding rent and taxes, (iI) your expenses in connection with opening and changing
the keys and locks of the Box, and WI) your subsequent charges for safekeeping the contents. If I do not pey you all of these
amounts, you may (subject to applicable law) sell the contents of the Box In any menner you see fit upon giving me 30 days'
written notice sent by registered mall to my most rècent addrass In the Branch's records. Unless otherwise required by lew, the
proceeds of the sale will be applied to: (i the expenses of tha sale, (II) unpaid rent and taxes, and (iii) all other expenseslcharges
owing to you, and eny balence remaining will be deposited Into an account In my name at the Branch, or otherwise will be held
for me.
3. Exercise of Rights. The Box thet I have asked to rent Is noted on the front of this form.
(i) IndMdual: If I rent the Box es en Individual, I alona have the right of access to the Box or toterrillnat8 tbls,leaàe. I may
appoint an egent to exercise all of my righta under this leese, including termination and removal of contents.
(ii) Joint Tenants with FUght of Survivorship: If you rent the Box to us as Joint Tanants with Right of Survivorship, any of the
number of us (as noted on the front of this form) has/have the right of access to the Box and to termineta this lease. If we
wish to appoint an agent, all of us must act together in making the appointment; however, any of us may revoke the
appointment. Upon your receipt of satisfactory proof of death of anyone of us, the survivor{s) can exercise all rights under
this lease.
(m) Tenants In Common: If you rent the Box to us as Tenants in Common, all of us must act together in exercising eny rights
under this lease, including gaining access to the Box, appointing an agent or terminating this lease. Upon your receipt of
satisfactory proof of death of anyone of us, the legal representative of the deceesed end the survivor(s) must ect together in
exercising these rights.
(iv) Partners: If you rent the Box to two or more of us es partners, the numbar of us (as noted on the front of this form) ha.ve,
the right of access to the Box or to terminate this leese. However, if we wish to appoint en agent, all of us must act t
In making the appointmant. Upon your receipt of satisfactory proof of death of anyone of us, the surviving partner
exercise all rights under this lease.
(v) Corporations end UnIncorporated Associations: If you rent the Box to a corporation or an unincorporated association, the
right of access to the Box and to terminate this lease may be exercised by tha person(s) appointed by resolution. I will deliver
e certified copy of the resolution to you.
4. Keys. I acknowledge that I have received two keys to the Box. If one or both keys are lost or stolen, I agree to notify you
Immediately and to pay you the cost of a new lock and keys. .
5. Access. You will allow me :access to thè Box during the Branch's normal banking hours. However, you may refuse me access If
you believe it would be dangerous for any reason or If you are prohlbltad by law, judgment or other lagal process from allowing
the Box to be opened. '
6. Contents. I will not deposit in the Box any liquid or anything else that may be a nuisance, dangerous orjllegal. I will let you
inspect the contents of the Box, in my presence, to satisfy 'yoursetf that I have complied with this condition.
7. Standerd of CarelUmltation of Uabllity , You are responsible only for exercising ordinary diligence to prevent access to the Box by
unauthorized parsons. You will not be liable for any damage, daiay or inconvenience resulting from any cause beyond your control
(including among other things an accident to or failure in the working of the mechanism of the locks, the Box, or the veult or safe
where It Is located). You will also not be liable if, as a result of any laws relating to unclaimed property, you are reql.!lred to force
open the Box to determine whether it contains property which Is affected by such laws ándlor to remove and deliver it to a
govemment authority. '
8. 'Termination. I may {with other joint owners II applicable) termlnete this lease at any time at the Branch. I will remove the
contents of the ,Box and return both keys to you or ,nform YOI.! of the combinatlon!s} required to open the compartment. You will
refund thet part of the rent thet is applicable to the period from termination date to the end of the period for which rent has been
paid, less any unpaid rent and taxes and, any balance remaining will be paid to me or I will pay any balance owing. If, however,
at the time of terminetlon I do not provide the keys or combination to you, you will force open the Box and I will pa...r
expenses in connection with opening and changing the keys end locks of the Box. ..
9. Access after Deeth. I understend that access to the Box and removal of Its contents after my death may be subject to lagai
requirements or restrictions. Upon receipt of satisfactory evidence of authority, you may permit any person claiming to be my
legal representative to inspect and record the contents of the Box and (if applicable) exercise my righta under this lease.
10. Assignment. I cannot esslgn or sublet any of my rights under this lease.
11. Indemnity. I agree to Indemnify you from and against any liability to a third party for any costs, losses or expensea that you may
incur because you complied with this lease or permitted access to the Box under any authority given by me.
12. Notice. Unless this lease specifies otherwise, you may maks eny notice to me In connection with this lease by posting It In the
Branch. I will give you written notice of any change in my eddrass.
13. Changes. CIBC is entitled to change this Safety Deposit Box Lease at any time. If CIBC does, it must send me notice, or post a
notice In the Branch. The change may, but need not, be effective on the date thet the notice is mailed or posted.
n...duat'! ,,"Iv' I tlAt'!bltr" that I hSltVA rø:tnlllrAtt thAt thi. IAPIi!lliA Anti rlllli'lI~rI rlnr.lImAntA hA drAwn un in Fnnli#2h. .11t rlklRM IfIvn;r rlP.mSfnrlJ5