HomeMy WebLinkAboutKIN 82 4502 Approve Borrowing
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The FIrst CØnadian Bank
Bankof Montreal
Municipal By-law for Current
Expenditures
Municipality of
Town of Kincardine
BY-LAW No.
,.502
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
~IVE mJNDRRn THOUSAND ________________________
dollars
to meet, until fhe taxes are collected, the current expend~ures of the Corporation for the year;
AND WHEREAS the total of amounts previously borrowed under Section 332 of the Municipal Act that
¡/, have not been repaid is
, //r
nil
dollars.
AND WHEREAS the amount of the estimated revenues of the Corporation as set out in the estimates
adopted for the current year and not yet collected (or, if the same have nOl yet been adopted. the amount of the
estimated revenues of the Corporation as set forth in the estimates adopted in the next preceeding year) _
is three million atwo hundred and fifty thousand __
dollars;
AND WHEREAS the amount to be borrowed under this by law and the amounts of borrowings that have
'101 been repaid does not in the aggregate exceed 70% of the uncollected belance of the estimated revenues of
< thë- Corporation as set out above.
(1) The Head and the Treasurer Bre hereby authorized on behalf of the Corporation to borrow from time
to time, by way of promissory nOle, from the Bank of Montraal, a sum or sums not exceeding in the aggregate
FIVE HUNDRED THOUSAND -----------------______
dollars
'to meet, until the taxes are collected, the current expenditures of the Corporation for the yaar, including the
'iímounts required for the purposes mentioned in subsection (11 of the seid Section 332, and to give, on behalf of
the Corporation, to the Bank a promissory note or notes, saaled with the corporate seal and signed by them for
the moneys so borrowed with interest at a rate not exceeding per centum per annum. which may be
paid in advance or otherwise. .
(21 All sums borrowed from the seid Bank, for any or all of the purposes mentioned in the seid Section
332, shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation for the current
year and for all preceding years, as and when such revenues are received.
.
Prod. 2202407-Form.l.F.10 Onl. (9/BOI Litho. CANADA 133503
13) The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed pursuant
to the authority of this By-law, as well as all other sums borrowed in this year and any previous years, from the said
Bank for any or all of the purposes mentioned in the said Section 332, together with interest thereon, all of the
moneys hereafter collected or received on account or realized in respect of the taxes levied for the current year
and preceding years and all of the moneys collected or received from any other source, which may lawfully be
applied for such purpose.
Passed this
16th
day of December 19 82
~~~/>'z---
(TheHeadof~at~ __
/". ~ 7'P1.Æ~
/_ Clerk
I hereby certify that the foregoing is a true copy of By-law No.
4502
of The CWporátiò~·
of the Town of Kincardine in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that the seid By,law is in full force
and effect.
Dated this
20th
December
19 82
day of
As witness the Seal of
the Corporation.
___...-;Ø'( ~~
Cleric
.
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