HomeMy WebLinkAbout09 162 Friends of the Pavilion Borrowing (CIBC) By-Law
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2009 -162
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO FUND
A LOAN TO THE FRIENDS OF THE KINCARDINE BEACH PAVILION
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 Hundred and
Fifty Thousand Dollars ($350,000.00) with a blended payment, a term of 10
years, a 10 year amortization at a fixed interest rate of the CIBC bank's prime
plus 21 bases points to fund a loan to the Friends of the Kincardine Beach
Pavilion;
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 three hundred and fifty thousand dollars ($350,000.00), with a
blended payment, for a term of 1 0 years, with a 10 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 prime
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 "FOTP Borrowing (CIBC) By-law".
:R~~C:Dume~;'4'daYOfN~*
READ HIRD t' a FINALLY PASSED this 4th day of November, 2009.
Mayor B~ ~:;~ ~