HomeMy WebLinkAbout02 005 current operating
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
BY-LAW
NO. 2002 - 05
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY 10 MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF THEI MUNICIPALITY
OF KINCARDINE. I
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WHEREAS in accordance with subsection 187(1) of the Muni~IPal Act, R.S.O.
1990, chapter M. 45, the municipality considers it necessa to borrow the
amount of one million dollars ($1,000,000) to meet, until taxes re collected, the
current expenditures of the municipality for the year 2002;
AND WHEREAS pursuant to subsection 187(2) of the Muni~,pal Act, R.S.O.
1990, chapter M. 45, the total amount borrowed pursuant to thi by-law together
with the total of any similar borrowings is not to exceed the limit set forth in that
subsection; ,
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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 thJ Municipality of
Kincardine ENACTS as follows: 1
1.
The mayor and treasurer are hereby authorized 0 behalf of the
municipality to borrow from time to time by way of pr missory note or
banker's acceptance from the Canadian Imperial Bank of Commerce a
sum or sums not exceeding in the aggregate of $1,000, 0 to meet, until
taxes are collected, the current expenditures of the mu icipality for the
year (including the amounts required for the purpos s mentioned in
subsection 187(1) of the Municipal Act) and to give t the Canadian
Imperial Bank of Commerce 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 borrow plus interest at
a rate agreed from time to time with the Canadian I perial Bank of
Commerce.
2.
All sums borrowed pursuant to this by-law, as well a all other sums
borrowed pursuant to the Act in this year and in previou years from the
Canadian Imperial Bank of Commerce for any purpose ill, with interest
thereon, be a charge upon the whole of the revenues 0 the municipality
for the current year and for all preceding years as and w en this revenue
is received.
3.
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The treasurer is hereby authorized and directed to apPly~n payment of all
sums borrowed plus interest, all of the moneys collecte 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. 2002 - 05
2002 Current Operating Borrowing By-Law
Page 2 of 2
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The treasurer is authorized to fumish, to the Canadian Imperial Bank of
Commerce, a statement showing the nature and amount lof the estimated
revenues of the municipality not yet collected and also sh~wing the total of
any amounts borrowed that have not been repaid. I
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This by-law shall come into full force and effect at the tim~ of its passing.
This by-law may be cited as the "2002 Current Operating ~OrrOWing
By-law". I
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READ a FIRST, SECOND and THIRD time and FINALLY PASS~D this
23rd day of January, 2002.
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