HomeMy WebLinkAboutTWP 97 022 Temp Borrowing Bylaw
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MUNICIPAL CORPORATIONS - TEMPORARY BORROWING BY-LAW
Corporation of the / ¿;;~.#/;C of ¿ t"I ~¡(' /) I nil::. ..
By·law No. 97- .;¡,;) ___ being a by-law 10 authooze bOrrowing from lime to time to II1êêI currenl expendi.
tures dunng the fiscal year ending December 31. 19 97
WHEREAS the Municipal Act 1'1.5.0. 198O. Chapler 302. section 189, prov1dêS authority for a coo"",1 by by4aw to aulhor·
ize the head of council and the treasurer 10 borrow from time to time. by way 01 promiSSOry nota. such sums as the council
considers necessary to rnee1. unto! taxes are coUec:18d. the current expenditures 01 the Corporation for the year: and
WHEREAS the total amount which may be botrowed lrom all sources at anyone lime to meet the current expendItures of
the Corporation. except WIth the aøprovel 01 the Municipal Board. IS bmlled by section 189 ot the MuniCIpal Act:
NOW THERE~ THE COUNCIL OF THE CORPORATION OF THE / /);;//ý.s~/JP
OF _... 1/V(Y9J?D Ny' £ ENACTS AS FOllOWS:
, . The head 01 coundl and the treasurer are h8fVby authonzed to borrow lrom lime to time by way ot promISsory nOle
during the year / 9'7 ? (hereinafter relerred to as the current year) such sums as may be necessary to meet,
until Ihe taxes are coIlec!ed. the current expendÖtures ot the Corporation and the other amounts that are set out in
subsec:1iOn 189 (1) of the Municipal Act
2. The ~r(s) lrom ~ amounts may be borrowed under authority of this by-lay shall be / #Æ . _._
-"r;:; y 19 4-~.A/Ý X and such other lender(s) as may be determined lrom time to time by
resoluuon of counCIl.
3. The total amCYnt which may be borrowed at anyone time under this by-law. together with the total 01 any s,mllar
borroWings that have not been repaid. shall not exceed 70% of the uncollected balance ot the estimated revenues
Of the Corporation as set lorth in the estJma'es adopted lor the current year or S 5' oq ¿;n£). L) £)
wluchever is lesS.
4. The treasurer Shall. at the time when any amount IS borrowed under !Ills by-law. ensure that the lender is or has bøn
furniShed With a c:ertffied c;opy of thIS by·law. (a cemlied copy of the resolutIOn mentioned in section 2 determining the
lender.) If applIcable. and a Sta1ernent showing the nature and amount.oI tIw eslimated revenues lor the current year
not yel coHected and also showing the total 01 any other amounts borrowed from any and all so;¡rces under authonty of
sectIOn 189 of the Municipal Act that have not been repaid.
5. a,,, the estimates lor the current year have nol been adopted at the time an amount IS bOrrowed under thIS by-law. the
70% lImitatIOn on total borrowing. as set out in sectIOn 3 of this by-law. shall be calculated for the time being upon
the estimated revenues 01 the Corporation as set fOlth in the estimates adopted lar the next preceding year. less all
revenues received lor and on account 01 the current yeal.
b) "the estimates lor the current year have not been adopted at the time an amount is borrowed under Ihls by·law, the
statement turnlShed under sectlOl1 4 Shall shoW the nature and amcynt 01 the estllYl8ted revenues of the Corpora·
tlon as set fonh in the estimates adopted for the next precedIng year and the nature and amount of the revenues
received lor and on account of the current year.
6 All or any sums borrowed under thIS by-law shall. with interesltl1ereon. be a charge upon fhe whole ot tha revenues 01
the Corporation for the current year and lor any preceding years as and when such revenues are reœNed; proviOed
thet such charge does nol defeat or a"ec:1 and is subject to any prior charge then subSisting In favour of any oth8r
lender
7. The treasurer IS hereby authOnzed and d"ected ro aøPly In payment 01 all or any sums borrowed under this by-law.
together with interest thereon. all or any of the moneys hereafter collected or received. either on account of or realized
In respect 01 the laxes leVIed lor the current year and preceding years or form any other sour<:e. which may lawfully be
aøplied for such purpose.
8. Promissory Notes made under sechon 1 Shall be sealed With the seal ot the Corporation and signed by the head of
counCilor Such other person as is author'zed by by-law to Sign if and by the lreasurer. ~
9. This by-law shall take effect upon third readin.l1Ìhereof. /0. ;g - LAw 9¿ -// IS H£A'E4Y -1'£11(.£1>.
Read a IIrst and second I""" thos ð day 01 , . , 91.7
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