HomeMy WebLinkAboutKIN 92 012 Borrowing 1992
THE CORPORATION OF TH E TOWN OF KI NCARDINE
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BY-LAW
BY-LAW NO. 1992-12
1992 BORROWING BY-LAW
WHEREAS the Council of The corporation of the Town of
Kincardine (hereinafter called the "municipality") deems it
necessary to borrow the sum of $1,000,000.00 (one million
dollars) to meet, until the taxes are collected, the
current expenditures of the Municipality for the year;
AND WHEREAS the total amounts heretobefore borrowed for
purposes mentioned in subsection (1) of section 187 of
Municipal Act which have not been repaid is $ Nil;
the
the
NOW THEREFORE the Council for The Corporation of the
of Kincardine ENACTS as follows:
Town
1. The mayor and treasurer are hereby authorized on
behalf of the municipality to borrow from time to time
by way of promissory note from the Canadian Imperial
Bank of Commerce a sum or sums not exceeding in the
aggregate of $1, 000,000.00 to meet, until taxes are
collected, the current expenditures to the
municipality for the year, including the amounts
required for the purposes mentioned in subsection (1)
of Section 189 of the Municipal Act, and to give on
behalf of the Municipality to the Bank a promissory
note or notes sealed with the corporate seal and
signed by the mayor and treasurer for the money so
borrowed, with interest, at such rate as may be agreed
upon from time to time with the bank.
2. All sums borrowed pursuant to the authority of this
by-law, as well as other sums borrowed in this year
and 1n previous years from the said Bank for any or
all of the purposes mentioned in the said Section 187,
shall, with interest thereon, be a charge upon the
whole of the revenues of the municipality for the
current year and for all proceeding years as and when
such revenues are received.
3.
The treasurer is hereby authorized and directed to
apply in payment of all sums borrowed as aforesaid,
together with interest thereon, all of the money
hereafter collected or received 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 purpose.
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By-law No. 1992-12
Every person who contravenes any provisions of this
by-law is guilty of an offence and is subject to the
penalties as prescribed in the provincial Offences
Act, R.S.O. 1990, Chapter P.33.
5. This by-law shall come into full force and effect upon
its final passage.
4.
6. This by-law may be cited as the "1992 Borrowing
By-law".
READ a FIRST and SECOND time this 20th day of February,
1992.
READ a THIRD time and FINALLY PASSED this 5th day of March,
1992.
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Mayo