HomeMy WebLinkAboutKIN 90 021 Borrowing Bylaw 1990
THE CORPORATION OF THE TOWN OF KINCARDINE
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BY-LAW
BY-LAW NO. 1990 - 21
1990 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 $500,000.00 (five hundred 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 '!'own 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 $500,000.00 to meet until taxes
are collected the current expenditures of the municipality for
the year, inclu.ding the amounts requi red 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 f rom 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 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 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 purpose.
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1990 Borrowing By-law No. 1990 - 21
4. This By-law shall be known as the "1990 Borrowing By-law".
READ a FIRST and SECOND
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Mayor
READ a THIRD time and FINALL~
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Mayor