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HomeMy WebLinkAboutKIN 81 4422 Borrow-Bk/Montreal . · · · TOWN OF KINCARDD:E BY-LAW 4422 œ The I'Irst Canadian Bank Bankof Montreal MuniciJ* By-law for Current Expenditures Municipality of TOWN OF KINCARDINE 4422 BY-LAW No. WHEREAS the Council of the Corporation deems it necessary to borrow the sum of FIVE hundred thousand --------------------------------- dollars to meet. until the taxes are collected. the current expenditures of the Corporation for the year; AND WHEREAS the total of amounts previously borrowed under Section 332 of the Municipal Act that NIL have not been repaid is dollars. AND WHEREAS the amount of the estimated revenues of the Corporation as sat out in the estimates adopted for the current year and not yet collected (or, if the same have not yet been adopted, the amount of the estimated revenues of the Corporation as sat fonh in the estimates adopted in the next preceeding year) _ isOne milligR SEVEN HUNDRED AND EIGHTY THOUSAND dollars; x . ',: AND WHEREAS the amount to be borrowed under this by law and the amounts of borrowings that have ..' ',,,';: . not been'repaid does not in the aggregate exceed 70% of the uncollected balance of the estimated revenues of ... - ~ / ~ -::.:..:.> _~~~ the Corpora~iøn as set out above. ,-. ... --.... . ;-: ~~:- - ,. /r,.}?:; . (1) Thè "Head and the Treasurer are hereby authorized on behalf of the Corporation to borrow from time :jo time, by wa'lof promissory note, from the Bank of Montreal, a sum or sums not exceeding in the aggregate ,'/. _ FIJ'E WHrn¡;Hm '1'¡.¡nTTS A 1m X dollars to meet, until the taxes are collected, the current expenditures of the Corporation for the year, including the amounts required for the purposes mentioned in subsection (1) of the said Section 332, and to give, on behalf of the Corporation, to the Bank a promissory note or notes, sealed 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. (2) All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said 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. (9/80) litho. CANADA 133503