HomeMy WebLinkAbout09 139 KCMC Phase II Borrowing (CIBC) By-Law
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2009 -139
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO FUND
THE CONSTRUCTION OF THE KINCARDINE COMMUNITY MEDICAL CLINIC
PHASE II PROJECT
WHEREAS Section 401 of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides authority for a municipality to incur a debt for municipal
purposes;
AND WHEREAS pursuant to the said Municipal Act, Section 408, authorizes
long term borrowing by the issue of debentures;
AND WHEREAS Regulation 276/02 sets out requirements for borrowing by way
of bank loan;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it necessary to authorize borrowing in the amount of three million dollars
($3,00,000.00) for a term of 10 years at an interest rate of the CIBC's cost of
borrowing plus 21 bases points to fund the construction of the Kincardine
Community Medical Clinic Phase II Project;
NOW THEREFORE, the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
The Mayor and Chief Administrative Officer/Treasurer are authorized and
directed on behalf of the Municipality to borrow from the Canadian
Imperial Bank of Commerce ("CIBC") a sum not exceeding in the
aggregate 3 million dollars ($3,000,000.00), for a term of 10 years, with a
1 0 year amortization and to execute any documents that are required in
connection with the borrowing of the above sum, plus interest, at a rate of
the CIBC's cost of borrowing plus 21 bases points, in addition to any
reasonable charges of CIBC associated with this borrowing.
2. This by-law shall come into full force and effect at the time of its passing.
1.
3. This by-law may be cited as the "KCMC Phase II Borrowing (CIBC)
By-law".
COND time this 16th day of September, 2009.
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Clerk II
NALLY PASSED this 16th day of September, 2009.
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Clerk