HomeMy WebLinkAboutKIN 95 005 Slope Stability Proj
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1995-05
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY BY WAY OF
TEMPORARY ADVANCES TO MEET EXPENDITURES MADE IN CONNECTION
WITH THE QUEEN STREET SLOPE STABILITY PROJECT.
WHEREAS the Saugeen Valley Conservation Authority, in
conjunction with the Town of Kincardine and Ministry of Natural
Resources, have commenced the Queen street slope Stability
project;
AND WHEREAS the final funding for the proj ect shall not be
finalized until December 31, 1995, and temporary borrowing
is required to meet expenditures in the interim;
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 by way of temporary
advances from time to time from the Canadian Imperial
Bank of Commerce ("CIBC") a sum or sums not exceeding in
the aggregate $1,000,000 to meet expenditures made in
connection with the project and to give on behalf of the
municipality to CIBC a promissory note or notes sealed
with the corporate seal and signed by the mayor and
treasurer for the moneys so borrowed plus interest at
such rate and for such term as may be agreed upon from
time to time with CIBC.
2. All sums borrowed under this by-law, as well as all
other sums borrowed in this year and in previous years
from CIBC for any 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 the current year and for all preceding
years as and when such revenues are received.
3. The treasurer is hereby authorized and directed to apply
in payment of all sums borrowed pursuant to this by-law,
plus interest, all of the moneys hereafter collected or
received either on account or realized in respect of
taxes levied for the current year and preceding years or
from any other source which may lawfully be applied for
such purposes.
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4.
This by-law may be cited as the "Slope Stability project
Temporary Borrowing By-law".
READ a FIRST and SECOND time this 5th day of January, 1995.
READ a THIRD time and FINALLY PASSED this 19th day of January,
1995.
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Mayor
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