HomeMy WebLinkAboutKIN 80 4324 Borrow -Bk/Montreal
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Bank of Montreal
Municipat By-law for Current
Expenditures
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Municipality of
Town of Kincardine
BY·LAW No.
4324
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. . :WHEREAS the Council of the Corporation deems it necessary to borrow the sum of ( 500.000. )
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Five Hundred Thousand
-dollars
...to meet, until the taxes are collected. the current expenditures of the Corporation for the year;
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AND WHEREAS the total of amounts previously borrowed under Section 332 of the Municipal Act that
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'fíáve not-been repaid is
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, ~ the same have not yet been adopted, the amount of the
estimated revenues of the Corporation as set fanh in the estimates adopted in the next preceeding year) _
is Two million eight hundred twenty six thousand
dollars;
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- --'.; '! AND WHEREAS the amount to be borrowed under this by law and the amounts of borrowings that have
---~<~'¡";";n r.,p'lÎd does not in the aggregate exceed 70% of the uncollected balance of the estimated revenues of
f ~'~:1he Corporation';Øs set out above.
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~ ~ : ''':'''' ,_ t11 TheHeåd and the Treasurer are hereby authorized an behalf of the Corporation to borrow from time
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", _~ -_~, 1Il time;-by way cifpromissory note, from the Bank of Montreal, a sum or sums not exceeding in the aggregate
/;~ ]., Five Hundred Thousand dollars
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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 behatf 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 13.75 per centum per annum, which may be
paid in advance or otherwise.
(21 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.
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Prod, 2202407-Form. LF.10 Onl. (9/ao) Litho. CANADA 133503
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