HomeMy WebLinkAboutKIN 92 107 Landfill Site Expand
THE CORPORATION OF THETOWN OF KINCARDINE
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BY-LAW
BY-LAW NO. 1992-107
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY BY WAY OF
TEMPORARY ADVANCES TO MEET EXPENDITURES MADE IN CONNECTION
WITH THE LANDFILL EXPANSION PROJECT.
WHEREAS By-law Nos.1992-58 and 1992-59 passed by the Council
for The Corporation of the Town of Kincardine on the 6th day of
August, 1992 authorized the landfill site expansion project,
together with a central composting facility at an estimated
cost of $1,200,000;
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 $1,200,000 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 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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By-law No. 1992-107
Page 2
4. This by-law may be cited as the "Landfill site Expansion
Temporary Borrowing By-law".
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READ a FIRST and SECOND time this 17th day of December, 1992.
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READ a THIRD time and FINALLY PASSED this 17th day of December,
1992.
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