HomeMy WebLinkAbout11 003 2011 current operating borrowing by-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
K- KBT
iir, - . = , '
BY -LAW
NO. 2011 - 003
BEING A BY -LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET
CURRENT EXPENDITURES OF THE COUNCIL OF THE CORPORATION OF
THE MUNICIPALITY OF KINCARDINE
WHEREAS Section 407(1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
• amended, provides that a municipality may authorize temporary borrowing, until
taxes are collected and other revenues are received, of the amount council
considers necessary to meet the current expenditures of the municipality for the
year;
AND WHEREAS pursuant to the said Municipal Act, Section 407(2) provides
that, except with the approval of the Ontario Municipal Board, the total amount
borrowed at any one time, plus any outstanding amounts of principle borrowed
and accrued interest, shall not exceed the limits set forth in that section or other
relevant sections of the act;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it necessary to authorize borrowing in the amount of one million dollars
($1,00,000.00) to meet, until taxes are collected and other revenues are
received, the current expenditures of the Municipality for the year;
AND WHEREAS pursuant to the said Municipal Act, Section 23(1) authorizes a
municipality to delegate its powers and duties under this or any other Act to a
• person or body subject to the restriction set out in the Act;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it advisable to delegate the power in Section 407 (1) of the said Municipal
Act to the Mayor and Treasurer of the Municipality;
NOW THEREFORE, the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. The Mayor and the Treasurer are authorized on behalf of the Municipality
to borrow from time to time from the Canadian Imperial Bank of
Commerce ( "CIBC ") a sum or sums not exceeding in the aggregate one
million dollars ($1,000,000.00) to meet, until taxes are collected, the
current expenditures of the Municipality for the year pursuant to Section
407(1) of the said Municipal Act, and to execute any documents that are
required in connection with the borrowing of the above sum, plus interest,
at a rate to be agreed upon from time to time with CIBC, in addition to any
reasonable charges of CIBC associated with this borrowing.
• ...
Page 2
2011 Current Operating Borrowing By -law
By -law No. 2011 — 003
2. All sums borrowed pursuant to this by -law, as well as all other sums
• borrowed pursuant to the said Municipal Act in this year and in previous
years from CIBC for any purpose will, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current year and
for all preceding years as and when this revenue is received.
3. The Treasurer is authorized and directed to apply in payment of all sums
borrowed plus interest, all of the moneys collected or received on account
in respect of taxes levied for the current year and preceding years or from
any other source which may lawfully be applied for this purpose.
4. The Treasurer is authorized to furnish to CIBC a statement showing the
nature and amount of the estimated revenues of the Municipality not yet
collected and also showing the total of any amounts borrowed that have
not been repaid.
5. This by -law shall come into full force and effect at the time of its passing.
6. This by -law may be cited as the "2011 Current Operating Borrowing
• By-law".
READ a FIRST and SECOND time this 12 day of January, 2011.
0
4 ayor Clerk
READ a THIRD time and FINALLY PASSED this 12 day of January, 2011.
C ayor Clerk
•
•