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HomeMy WebLinkAboutKIN 95 005 Slope Stability Proj - e e ,e 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. .. ./2 .. · · · · . Page 2 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. ~g~ Mayor ~