HomeMy WebLinkAboutKIN 81 4370 Obtain Temp Adv
CORPORATION OF Tq~ TO}~J OF KINCARDr~~
BY-V"¡ 'TO. 1.370
A BY-LA"! AUTHORIZIW:; THE OBTA.INING OF T3I'1PORARY ",DVANCES TO MEET
THE COST OF CERTAIN 'JORKS UNDERTAK~N AS .\ LQC:\.L n~PROVEHENT PENDING
THE COr1PLETION THEREOF.
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1':THEREAS with the a¡:mroval in writing of the Ontario r1unicipal
Board, the Hunicipal Council of the Corporation of the T01~ of
Kincardine has passed Construction By-la\·r Number 4310 authorizing
the construction of the works described in it as a local
improvement under the provisions of The ~ocal Improvement Act,
the estimated cost of which works is $2,102,990., copies of
T.Jhich by-lar,,/ and approval are annexed hereto.
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AND WHEREAS it is desirable to agree "Qth a bank for temporary
advances to meet the cost of the said works pending the completion
thereof.
BE IT THEREFO'1.E EN!,CTED by the said Council as follorolS:
1. The Head and Treasurer of the Corporation are
hereby authorized to obtain from the Bank of Montreal
temporary advances at a rate or rates not exceeding
twenty per cent per annum (20%) represented by a
promissory note or promissory notes or other1vise
not exceeding two million, one hundred and two
thousand, nine hundred and ninety dollars to meet
the cost of the said 1~rks pending the completion
thereof.
2. A promissory note or notes or other vouchers, sealed
"Qth the Corporate Seal and signed on behalf of the
Corporation by the Head 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 repayment of or representing
the said advances "Qth interest thereon as aforesaid.
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3. The Treasurer of the Corporation is hereby authorized
and directed to apply first in payment of such advances
vQ th interest thereon as aforesaid all moneys borrm·¡ed
on the credit of the Corporation to repay such advances
and to defray the cost of the said works and all moneys
from other sources properly applicable to the cos"!; of,
the said works. '
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IBthday of June" 1981.
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READ a THIRD TnΠand FINALLY PASSED this
2nd
day of '
Jul~ ' ,
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1981.
~Ø7//~
Mayor
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