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