HomeMy WebLinkAboutTWP 89 023 Mun Drain Borrow Byl
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TOWNSHIP OF KINCARDINE
BY-LAW NO. 89-23
Being a By-Law to authorize the opening
and Operation of a separate bank account
and to authorize temporary bank borrowing
to control and finance the cost of
constructing municipal drains in the Township
WHEREAS the Clerk-Treasurer is authorized by Section
82 of the Municipal Act, R.S.O. 1980, to open separate accounts in
such chartered banks in Canada as may be approved by the Council, and
WHEREAS the Council of The Corporation of the Township
I' of Kincardine deems it desireable to open a separate bank account to
control receipts and payments related to the construction of
Municipal Drains in the Township, and
WHEREAS the Municipality is authorized by Section 189
of The Municipal Act, R.S.O. 1980, to borrow by way of promissory
note from time to time such sums as the Council considers necessary
to meet the current expenditures of the Corporation.
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NOW THEREFORE, the Council of The Corporation of the
Township of Kincardine enacts as follows:
(1)
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(2)
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that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any necessary
documents to open a separate bank account at
The Royal Bank of Canada for the deposit of
revenues and payment of expenses related to the
construction of municipal drains in the Township
that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any documents
necessary to borrow by way of promissory note
such funds as may be necessary from time to
time with respect to the construction of municipal
drains in the Township up to a maximum of
$125,000.00 provided that any such temporary
borrowings be within the municipality's
statutory capacity to borrow for current purposes.
(3) that this bY-law shall be effective on the date
of passing.
By-Law 88-16 is hereby repealed
Read a First and Second time this 5th day of July, 1989
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