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HomeMy WebLinkAboutTWP 88 016 Mun Drain Cap Borrow Ii · II ,I .1 I' I I. . . I. .:,..,- . . TOWNSHIP OF KINCARDINE BY-LAW NO. 88- 16 Being a By-Law to authorize the opening and Operation of a separate bank account and to authorize temporary bank borrowing to contrd 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 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. NOW THEREFORE, the Council of The Corporation of the Township of Kincardine enacts as follows: (1) 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 (2) 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 By-Law 87-09 is hereby repealed Read a first/fld second time this x.'¡~ day of May, 1988 '¥ /~ ~a/fldn-v Reeve ~_ Clerk-Treasurer Read a thir~e and c~ A Reev finally passed this J.~"Jv day of May 1988. .::z~_drn " J 1/1 LVY1/ {J-~ _ Clerk-Treasurer.