HomeMy WebLinkAboutTWP 96 011 Temp Borrow - RBC
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. ONTARIO_
MUNICIPAL CORPORATIONS - TEMPORARY I!IeRROWING BY·LAW
Corporation of the Township
of
Kincardine
By-law No. 9 6 -11 being a by-law to authorize borrowing from time to time to meet current expen-
ditures during the fiscal year ending December 31. 19 96
WHEREAS the Municipal Act, R.S.O. 1980, Chapter 302, section 189, provides authority for a council by by-law to authorize
the head of council and the treasurer to borrow from time to time, by way of promissory note, such sums as the council
considers necessary to meet, until taxes are collected, the current expenditures of the Corporation for the year; and
WHEREAS the total amount which may be borrowed from all sources at anyone time to meet the current expenditures
of the Corporation, except with the approval of the Municipal Board, is limited by section 189 of the Municipal Act;
NOW THEREFORE THE COUNCil OF THE CORPORATION OF THE Tnwn '" h; p
OF Kincardine ENACTS AS FOllOWS:
1. The head of council and the treasurer are hereby authorized to borrow from time to time by way of promissory
note during the year 19 9 6 (hereinafter referred to as the current year) such sums as may be necessary to
meet, until the taxes are collected, the current expenditures of the Corporation and the other amounts that are
set out in subsection 189 (1) of the Municipal Act.
2. The lender(s) from whom amounts may be borrowed under authority of this by-law shall be The
Royal Bank and such other lender(s) as may be determined from time to time by
resolution of council.
3. The totaf amount which may be borrowed at anyone time under this by-law, together with the totai of any similar
borrowings that have not been repaid, shall not exceed 70% of the uncollected balance of the estimated revenues
of the Corporation as set forth in the estimates adopted for the current year or $ 500. 000 . 00
whichever is less.
4.. The treasurer shall. at the time when any amount is borrowed under this by-law, ensure that the lender is or has
been furnished with a certified copy of this by-law, (a certified copy of the resolution mentioned in section 2 determining
the lender,) if applicable, and a statement showing the nature and amount of the estimated revenues for the current
year not yet collected and also showing the total of any other amounts borrowed from any and all sources under
authority of section 189 of the Municipal Act that have not been repaid.
5. a) If the estimates for the current year have not been adopted at the time an amount is borrowed under this by-iaw,
the 70% limitation on total borrowing, as set out in section 3 of this by-law, shall be caiculated for the time being
upon the estimated revenues of the Corporation as set forth in the estimates adopted for the next preceding
year, less all revenues received for and on account of the current year.
b) If the estimates for the current year have not been adopted at the time an amount is borrowed under this by-law,
the statement furnished under section 4 shall show the nature and amount of the estimated revenues of the
Corporation as set forth in the estimates adopted for the next preceding year and the nature and amount of
the revenues received for and on account of the current year.
6. All or any sums borrowed under this by-law shall, with interest thereon, be a charge upon the whole of the revenues
of the Corporation for the current year and for any preceding years as and when such revenues are received; provided
that such charge does not defeat or affect and is subject to any prior charge then subsisting in favour of any other
lender.
7. The treasurer is hereby authorized and directed to apply in payment of 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 of the taxes levied for the current year and preceding years or from any other source, which
may lawfully be applied for such purpose.
8. Promissory Notes made under section 1 shall be sealed with the seal of the Corporation and signed by the head
of councilor such other person as is authorized by by-law to sign it and by the treasurer.
9. This by-law shall take effect upon third reading thereof.
10. By-Law 95-09 is hereby repealed.
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