HomeMy WebLinkAboutKIN 94 002 Curent Operate/Borow
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THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW
BY-LAW NO. 1994-2
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET
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 $1,000,000. to meet, until
taxes are collected, the current expenditures of the
municipality for the year 1994;
AND WHEREAS pursuant to subsection 187(2) of The Municipal Act,
R.S.O. 1990, chapter m.45, 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;
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the total amount previously borrowed
pursuant to section 187 that has not been
by the
repaid
AND WHEREAS
municipality
is $nil;
NOW THEREFORE the Council for The Corporation of the Town of
Kincardine ENACTS as follows:
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The mayor and the treasurer are authorized on behalf of
the municipality to borrow from time to time by way of
promissory note or banker's acceptance from Canadian
Imperial Bank of Commerce ("CIBC") a sum or sums not
exceeding in the aggregate $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 note or
bankers' 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 to be agreed upon from time to time with CIBC.
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.
The treasurer is 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
from any other source which may lawfully be applied for
this purpose.
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By-law No. 1994-2
Page 2
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The treasurer is authorized to furnish to
statement showing the nature and amount of the
revenues of the municipality not yet collected
showing the total of any amounts borrowed that
been repaid.
CIBC a
estimated
and also
have not
This
its
by-law shall come into full force and effect
final passage.
upon
This by-law may be cited as the "1994 Current Operating
Borrowing By-law".
READ a FIRST and SECOND time this 6th day of January, 1994.
READ a THIRD time and FINALLY PASSED this 20th day of January,
1994.
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Mayor Clerk
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