HomeMy WebLinkAboutKIN 96 006 Current Borrow/Exp
THE CORPORA TION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1996-6
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 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 1996;
AND WHEREAS pursuant to subsection 187(2) of the
Act, R.S.O. 1990, chapter m.45, the total amount
pursuant to this by-law together with the total
similar borrowings is not to exceed the limits set
that subsection;
Municipal
borrowed
of any
forth in
AND WHEREAS the total
municipality pursuant
repaid is $nil;
amount previously borrowed by
to section 187 that has not
the
been
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.
e
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.
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3.
The treasurer is
apply in payment
all of the moneys
respect of taxes
preceding years or
be applied for this
hereby authorized and directed to
of all sums borrowed plus interest,
collected or received on account in
levied for the current year and
any other source which may lawfully
purpose.
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By-law No. 1996-6
Page 2
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.
5. This by-law shall come into full force and effect upon
its final passage.
6. This by-law may be cited as the "1996 Current Operating
Borrowing By-law".
READ a FIRST and SECOND time this 21st day of December,
1995.
READ a THIRD time and FINALLY PASSED this 4th day of
January, 1996 .
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Clerk