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HomeMy WebLinkAboutTWP 94 021 Temp Borrowing Bylaw · · · . . FORM 348 (5·87) ONTARIO MUNICIPAL CORPORATIONS - TEMPORARY BORROWING BY-LAW Corporation of the By-law No. 94-21 Township of Kincardine being a by-law to authorize borrowing from time to time to meet current expen- ditures during the fiscal year ending December 31, 19 94 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 Township 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 1994 (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 total amount which may be borrowed at anyone time under this by-law, together with the total 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 . 0 0 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) II the estimates for the current year have not 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 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 whoie 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 allect 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 01 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 #93-02 is hereby repealed. Read a first and second1: 2nd day of Auqust, ' ' 19 ~ . '~.Coo~" 'lûu/~4 day of ,19~. Read a third ti . . , ..,' (FOR BANK USE ONL V) I~·~ I' FORM 349 (3·91) . (Insert proper name or MunldpaUty) (Oelete"(noO" ¡restimatesror current year 1. blYe been adopted ) TO: . ONTARIO MUNICIPAL CORPORATIONS STATEMENT BY TREASURER RE BORROWING The Royal Bank Township of Kincardine Re: The Corporation of the of in the Province of Ontario ("the Corporation") ~ Refer to the 2. estimatesror the current year Irsuch have been adopted; If not. A hereto. refer to estimates or last year) tAttach separatesbeels ror Schedules A.B.&C) (Delete paragraph 4 Ir estimates ror currenl year Rotfet adopted) I hereby cenify that the following statements are true and correct as of this date; The estimates of the Corporation for the current year have (~ been adopted. The nature and amount of the estimated revenues of the Corporation set forth in the estimates of the Corporation adopted for the year 19 94 3. are $ 4,171,084.00 . as more particularly set fonh in Schedule The nature and amount of revenues of the Corporation for the current year collected to date is $ 1, 16 5 , 6 12 . 00 , as more particularly set forth in Schedule B hereto. 4. The nature and amount of the estimated revenues of the Corporation for the current year not yet. collected is$ 3,005,472.00 . as more particularly set forth in Schedule C annexed hereto. 5. The total of any amounts borrowed by the Corporation under Section 189 of The Municipal Act in the and the total of such amounts that have not been repaid are $ NIL current year is $ NIL This statement is delivered to the Royal Bank of Canada pursuant to the provisions of Section 189 of The Municipal Act, as amended to date. AS WITNESS the corporate seal of the Corporation this 2nd day of August ,19 94 . (Corporate Seal) (FOR BANK USE ONL V) INITIALS Prepared BY" i" Checkecl By Tl'eaSUrer n. '..