HomeMy WebLinkAboutKIN 85 4695 Temp Borrow/Water
CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 4695
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY ADVANCES
TO MEET THE COST OF THE P.U.C. WATER STORAGE FACILITY
PENDING COMPLETION THEREOF.
.
WHEREAS with the approval in writing of the Ontario
Municipal Board, the Council of the Corporation of the
Town of Kincardine has passed By-law 4655 authorizing the
borrowing of $420,000. on behalf of the Kincardine Public
Utilities Commission for the construction of a water storage
facility.
AND WHEREAS it is desirable to agree with a bank for temporary
advances to meet the cost of the said works pending the
completion thereof:
BE IT THEREFORE ENACTED by the Council of the Corporation of
the Town of Kincardine as follows:
1. The mayor and treasurer of the said corporation are
hereby authorized to obtain from the Canadian Imperial
Bank of Commerce, temporary advances at the prime rate
of interest charged by the said bank represented by a
promissory note or promissory notes or otherwise not
exceeding four hundred and twenty thousand dollars
($420,000.00) to meet the cost of the said works pending
the completion thereof;
2. A promissory note or notes or other vouchers, sealed
with the Corporate Seal and signed on behalf of the
Corporation of the Town of Kincardine by the mayor and
treasurer thereof, for the advances from time to time
obtained under the authority hereof and interest thereon,
may be given to the said Bank providing for the payment
of or representing the said advances with interest thereon
as aforesaid;
3. The treasurer of the said corporation is hereby authorized
and directed to apply the proceeds of the debenture
issue to the repayment of any temporary advances under
this by-law together with any accrued interest.
5. This by-law shall come into full force and effect
immediately upon passing.
READ a FIRST and SECOND TIME this 7th day of November, 1985.
~~~~~./~ 7nJ~
Mayor Clerk
.
READ a THIRD and FINALLY PASSED this 21st day of November
1985.
~~?~~~r
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Mayor Clerk
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