HomeMy WebLinkAboutKIN 89 002 Authorize Borrowing
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 1989-2
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF
$500.000.00
.
WHEREAS the Councilor The Corporation or the Town or 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 heretofore borrowed for the
purposes mentioned 1n subsection (1) of Section 189 of The
Municipal Act which have not been repaid is $ NIL;
THEREFORE. the Council of The Corporation of the Town of
Kincardine ENACTS as follows:
1. '¡'he ~layor 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, 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
munic ipal i ty for the cur ren t yea r and for a 11 proceed ing
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.
READ a FIRST and SECOND time this 5th day of January, 1989.
LJ il8/;~~
Mayor
READ a THIRD time and FINALLY PASSED this 19th day of January,
1989.
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~Wlj II 9J¿þ/:¡
Mayor
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