HomeMy WebLinkAbout03 131 borrow cibc water pipe
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
BY-LAW
BY·LAW NO. 2003 - 131
A BY-LAW TO AUTHORIZE THE BORROWING OF MONE BY WAY OF
TEMPORARY ADVANCES TO MEET EXPENDITURES ADE IN
CONNECTION WITH THE KINCARDINE WATER TREATME T EXPANDED
SERVICE AREA.
WHEREAS by By-law No. 2003-103 as amended by B -law 2003- the
Corporation of the Municipality of Kincardine authorized the nstruction of the
Kincardine to Inverhuron Water Supply (Kincardine Water Tre tment Expanded
Service Area) at an estimated cost of $4,664,000; I
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AND WHEREAS in accordance with subsection 405(1) of t~e Municipal Act,
2001 as amended, a municipality may authorize temporary b rrowing to meet
expenditures made in connection with a work to be financed i whole or in part
by the issue of debentures; I
NOW THEREFORE the Council for The Corporation of th~ Municipality of
Kincardine ENACTS as follows: !
1.
The Mayor and Treasurer are hereby authorized n behalf· of the
Municipality to borrow by way of temporary advances rom time to time
from Canadian Imperial Bank of Commerce ("CIBC") a sum or sums not
exceeding in the aggregate $2,000,000. To meet exp nditures made in
connection with the Kincardine Water Treatment Expa ded Service Area
and to give on behalf of the Municipality to CIBC a p missory note or
notes sealed with the corporate seal and signed b the Mayor and
Treasurer for the moneys so borrowed plus interest as such rate and for
such time as may be agreed upon from time to time with CIBC.
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The Mayor and Treasurer are hereby authorized tn behalf of the
Municipality to negotiate, enter into and execute al documents with
respect to the temporary borrowing of funds outlined i paragraph 1. As
may be required by CIBC.
2.
3.
All sums borrowed under this By-law, as well as all ot er sums borrowed
in this year and in previous years from CIBC for any or all of the purposes
mentioned in the Ontario Municipal Act, plus interest, shall be a charge
upon the whole of the revenues of the Municipality for t e current year and
for all preceding years as and when such revenues are eceived;
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By-law No. 2003 -131 I
Borrowing of Money - Temporary Advances ~'
The Treasurer is hereby authorized and directed to apply i payment of all
sums borrowed pursuant to this By-law, plus interest, all of the moneys
hereafter collected or received either on account or realiz in respect of
taxes levied for the current year and preceding years or ~rom any other .
source which may lawfully be applied for such purpose. .
5. The Treasurer is hereby authorized and directed to furrjish to CIBC a
certified copy of the Order.
6. This by-law shall come into full force and effect at the time cl>f its passing.
7. This by-law may be cited as the "2003 Canadian Imþerial Bank of
Commerce Construction Borrowing By-law".
READ a FIRST, SECOND and THIRD time and FINALLY PASS~D this 3rd day
of September, 2003.
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