HomeMy WebLinkAboutKIN 97 067 Borrow Money/Expense
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THE CORPORA TION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1997 - 67
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF THE TOWN OF
KINCARDINE.
WHEREAS in accordance with subsection 187(1) of the Municipal Act, R.S.O. 1990,
chapter mAS, 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 1998;
AND WHEREAS pursuant to subsection 187(2) of the Municipal Act, R.S.O. 1990,
chapter mAS, 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 Town 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 (CIBC) 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
CIBC 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 CIBC.
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 CIBC 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 CIBC, 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. 1997 - 67
Page 2
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This by-law shall come into full force and effect on January 2nd, 1998.
6. This by-law may be cited as the "1998 Current Operating Borrowing By-law".
READ a FIRST and SECOND time this 4th day of December 1997.
READ a THIRD time and FINALLY PASSED this 4th day of December 1997.
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~ Mayor /"
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Clerk
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