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HomeMy WebLinkAboutKIN 91 005 Borrowing Bylaw THE CORPORA nON OF THE TOWN OF KINCARDINE . BY-LAW BY-LAW NO. 1991 - 5 1991 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 $750,000.00 (seven hundred fifty thousand dollars) to meet, until the taxes are collected, the current expenditures of the Municipality for the year; AND WHEREAS the total of amounts heretobefore borrowed for the purposes mentioned in subsection (1) of section 189 of The Municipal Act which have not been repaid is $ Nil; NOW THEREFORE the Council of 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 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 $750,000.00 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 (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 moneys 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 in previous years from the said Bank for any or all of the purposes mentioned in the said section 189, shall, with interest thereon, be a charge upon the whole of the revenues of the municipality for the current year and for all proceedings years as and when such revenues are received. . 3. The treasurer is hereby authorized and apply in payment of all sums borrowed as together with interest thereon, all of the directed to aforesaid, moneys . 2 . . Page 2 1991 Borrowing By-law No. 1991-5 hereafter realized year and which may collected or received either on account or in respect of taxes levied for the current preceding years or from any other source lawfully be applied for such purpose. 4. This By-law shall be known as the 1991 Borrowing By-law". READ a FIRST and SECOND time this 3rd day of January, 1991. /1 (IYÀÆAJ d \..9Jkvl Mayor e/£~ READ a THIRD time and FINALLY PASSED this 17th day of January, 1991. Ju~ ¡J J)k Mayor