HomeMy WebLinkAboutTWP 90 026 Borrowing Bylaw
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01 the TOWNSHIP 01 KINCARDINB
8y.IIiw No. ? /J - ~ /, bIIng . ~ 10 author.. ÞomIwInQ from lima 10 lima 10 maaI 0UIfIIII ......
.... durtn the IiIcaI ~ ending DIcemÞ8r 31, 111 9ð
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WHEREAS the MunIcipal AcI, R.80. 1Il1O, ChIIpter 302, II8CIion 188, IfO¥Ìd8II authority lor. council ~ ~ 10 aulhoriz8
IIIe heIId 01 council and the __,., 10 ÞomIw horn lime 10 time, ~ way 01 promIeeary naIe, 8UCII ..... .. the caunciI
CCII1IIicIIn necnA'Y 10 IIIIIIII, unIII .... ... œIIecI8d. the c:urrerII ~ 01 the CcIr IcnIIIIn IDr IIIe II8f; and
WHEREAS the IaIIII amoulll which may be bomMed horn III _ 81 any one lime 10 lllllllllIIe curlllrllllll Mllldilula
0I1IIe CorporaIIDn, 8IIG8 II willi IIIe approval 0I1IIe MunIcipal BoIud, illImiIed ~ aecIion 188 0I1IIe MunIcipal AcI;
NON THEREFORE THe COUNCIL OF THE CORPORATION OF THE Township
OF Kincardine ENACTS AS FOLLOWS:
1. The heIId 01 council and IIIe "-rer are hereby auIIIorIzecIlo borrow from lime 10 time by way 01 ~
note during the ye8I 199D (hereinallllr relerred 10 as the current year) 8UCII auma .. may be -"'Y 10
meet, untilllle tuelllle coIIecIed, IIIe current 8X I8IIdIturea 0I1IIe Corporation IIId l1li allier IßIOUßII tIIIt 118
let out In aubeecllon 188 (1) 01 the Munlclpel AcI.
2. The lender(s) lrom whom IIIIIIIUI1I8 may be bomMed under IIUIhorIty 0I1IIIs ~ 8hd be The Royal Bank
of Canada and 8UCII allier lendel(s) as may be deIIrmIned from time 10 lime ~
resolution 01 council.
3. The IaIIII amount whicll may be bomMed 81 any 0118 lime under this ~.Jaw, IOg8Iher with the IOIaI of any similar
ÞomIwIngs thai heve not been repaid, IhaII not exceed 711'M1 01 the unooIIIM:l8d baIence 01 the utimaI8d -
01 the Corporation .. let forth in the 88IimaleS edopIed 101 the curlllrll year or ,ß 0 ~ no o. D 0
whichewr is .....
4. The lreasurer shall, at the time when any amounl is borrowed under IIIIs ~, ensure thai the lender is or has
been lumìshed willi a certified copy 0I1his ~, (a C8Itifiec copy 01 the resolution menIioned In II8CIion 2 deIenninIng
the lander,) il applicable, and . stalemenl showing Ihe nalure and amount 01 the eslimaled _lor the current
year not yet coIleclecllIId also showing the IDI8I of any OIher amounts ÞomIwed from lIlY IIId IllIOIUCIII under
aulhorlly oIaecIion 188 01l1li Munlclpel AclthaI have not been repaid,
5. a) if the esIimaIes lor the current year heve not been adopIed 81 the lime an amounl is bomMed under this by-law.
the 7II'MIlimilalion on IOIaI bonowIng, .. set oul in section 3 0I1his by-law, shall be calculated lor the lime being
upon the estimaIed r_ 01 the CorporeIion as set forth in the esllmaIe8 adopIed IDr IIIe II81II II'IICIIding
yeIIr, less all _ received lor and on accoulll 01 the current year.
Þ) if the 8111ima1e81Dr the current year '- not been adopIed at the lime an amountla bomMed under this by-law,
the sIaIem8nI furnished under aecIion 4 shall show the nalure and amount 01 the esllmaIecf _ 01 the
"Corporation as selforth In the esIimaIes adopIed lor the II81II preceding year and IIIe naIUIII and amount 01
_the _un rKeNed IDr and on account 01 the current year.
6. All or any sums borrowed under this by-law shaD, with inl8reallhereon, be a chalge upon the whole 011118 -
0I1IIe CorporaIion lor the current yeer and IDr any II8C8ding yeIII1I as and when such _ are reœMId; IIOVided
thai such charge ctoes not cIIIIet or aII8cI and Is subject 10 any prior charge then SllbIillir( In IIMIur 01 any CIIher
iIInder.
7. The ,,-,., Is hereby aulhorlad IIId direcIed 10 apply In paymenI 01811 or lIlY auma ÞorroIIIed under this ~
IogeIher willi inIer8II "-', aU or any 0I1IIe ~ herMIIer coIIecI8d or ~, eiIher on account 01 or
reaIil8d In I8Ip8CI 0I1IIe .... lIMed lor IIIe c:urrerII yeer and pracedIn y&IUI or from any OIlIer ..-. wIIicII
may lawfully be appIiecIlDr IUCII P,UJPOII8o
8. Promis&ory NoIee made under II8CIion 1 shall be sealed with the seeI 01 the CorporeIion and 8i necI ~ IIIe head
01 council or 8UCII oilier ...- .. Is authorized ~ ~ 10 sign It IIId ~ IIIe treIIU/er.
II. This ~ IhallIak8 affect upon third reading 1IIereoI.
10. By-Lawgq-)1 is hereby ~pealed ~ -~
RMdafilltand~1Ime1hl8 /~ day 01 T~L'~..t./ ,111~,
,þ~ 1?h,Jf}4;~j;)
Reed a third lime this /9 7é day 01 , ~.k/. 111 9¿? .
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.'um¡ 349 (2-82)
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ONTARIO
MUNICIPAL CORPORATIONS
STATEMENT BY TREASURER RE BORROWING
TO: ~E ~YI9l- $#K, ().JéØcSJ.téé;; ~~~lIý£
Re:TheCorporationoflbe /~¡.i//Ý.SHII" p,c ¿'el9~/)jlÝe
of
.
in the Pro¥ince of Ontario (~reilllfter called ''the Corporation")
J he..by certify thatlbe followinø statements are Irue and correct as of this dale;
~;l~~r J. The eslimates of tile Corporation for the current year have <_) been adopted.
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Rd.. 10 2. The nalu.. IIId amount of the estimaled revenues of Ihe Corporation sel forlh in the estimates of Ihe
.::.::'~;" Corporation adopted for the year 1990 are S 3. .¡..¡ tJ, 9D" , as mo.. plrticularly set forth in Schedule
5 t:::L A hereto,
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(Attach
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The natw< and amount of revenues of the Corporation for the current year collected 10 date is S I, 1 ~ 7, 32/
, as more particularly set forth in Schedule 8 herelo.
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Of curren.
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The nature and amount of the estimaled revenues of Ihe Corporalion for the current year nol yel coUecled
I) <,t<) 3, S 8 G . , as mo.. parlicularly set forlh in Sd1eduJe C annexed herelo.
S. The lotal of any unounts borrowed by the Corporation under Section 189 of The Municipal ACI in Ihe
cwrenl year ia S 41(; 7,000.00 and the total of such amounts that have not been repaid are S /9.1. ODD. DC
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This slalemenl ia cleliwrecllO The Royal Bank of Canada pursuanl to Ihe provisions of Section 189 of The
MlllÙCipll Act, as amenclecllO date.
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AS WITNESS lhe CIOrporats ... of the Corporation Ibis
/9$ day of 7~'19ftJ.
(Corporate Seal)
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