HomeMy WebLinkAbout99 026 Borrow Money - Expenses
NO. 1999 – 26
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF THE TOWNSHIP
OF KINCARDINE-BRUCE-TIVERTON.
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 1999;
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 Township of Kincardine-
ENACTS
Bruce-Tiverton 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 Royal Bank of Canada 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 Royal
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 Royal 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 Royal 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.
4. The treasurer is authorized to furnish, to the Royal 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.
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By-law No. 1999 - 26
Page 2
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 “1999 Current Operating Borrowing By-law”.
th
READFIRST, SECOND THIRDFINALLY PASSED
a and time and this 7 day of
April, 1999.
_________________________ __________________________
Mayor Clerk