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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 ./ Mayor Clerk - ~ -/ : , ~