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HomeMy WebLinkAboutTWP 93 002 Borrowing Bylaw ':f. MUNICIPAL CORPORATIONS - TEMPORARY BORROWING BY-LAW Cjjrporation of the ØltrNSHIE-.__ of KTIRT1INE 93-02 being a by-law to authorize borrowing from time to time to meet current expen- By-law No. ditures during the fiscal year ending December 31, 19 q < . 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 01 the Municipal Board, is limited by section 189 of the Municipal Act; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF 1. KINCARDINE ENACTS AS FOLLOWS: The head of council and the treasurer are hereby authorized to borrow from time to time by way of promissory note during the year 199 3(hereinafter referred to as the curcent year) such sums as may be necessary to meet, until the taxes are collected. the current expenditures of the Corporation and the other amounts thai are set out in subsection 189 (1) of the Municipal Act. The lender(s) from whom amounts may be borrowed under authority of this by-law shall be Thg Royal Bank 2. and such other lender(s) as may be determined from time to time by . resolution of council. 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, shailr.ot exceed 70Q'o of the uncollected balance 8f the estimatec: reveniJes of the Corporation as set forth in the estimates adopted for the current year or $ q n n . n n 0 00 whichever is less. 4. The treasurer shall. at the time when any amount is bcrrowed under this by-law. ensure that the lencer IS or has been furnished wilh a certified copy of this by-law. (a cenified copy of the resolution mentioned in section 2 determining the lender,) if applicable, and a statement showing the natL:re and amount of the estimated revenues for the ,:::urrent year not yet collected md also showing the total of any other amounts borrowed from any and a!1 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 !he time an amount is borrowed under this by-law, the 700;0 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 sel 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 cf 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 10 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 y'ear and preceding years or trom any other source, which may lawfully be applied for such purpose. 8. Promissory Notes made undel' section' 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 eHect upcn third reading thereof. 3. . 15th day of Febrl1i'! ry 194J- . day of 7ø~j:J:G,LÞ ;p::: ¡J~i.~:' ,6, 19~ . . . (FOR BANK USE aNt VI I'-"'~ . I FORM 349 (3-91) . (Insert proper name or Municipality) (Delete "(not)" if estimates for current year have been adopted) t Refer 10 the estimates for the currenl year if such have been adopted; if not. refer to estimalesof last year) (Atlach separate sheets for Schedules ..\.8.& CI (Delete paragraph.j if estimates for current year not yet adopted) . ONT ARlO MUNICIPAL CORPORATIONS ST A TEMENT BY TREASURER RE BORROWING TO: The Royal Bank Re: The COIporation of the TOWNSHIP Kincardine În the Province of Ontario ( "the Corporation") of I hereby certify that the following statements are true and correct as of this date; I. The estimates of the Corporation for the current year have (not) ~S(1 adopted. 2. The nature and amount of the estimated revenues of the Corporation set forth in the estimates of the Corporation adopted for the year 19 92 are $ 2 , 7 5 1 , 87 7 . 32 A hereto, . as more particularly set forth in Schedu1e 3. The nature and amount of revenues of the Corporation for the current year collected to date is S 61 959 . 50 . as more particularly set forth in Schedule 8 hereto, 4. The nature and amount of the estimated revenues of the Corporation for the current year not yet collected , as more particularly set forth in Schedule C annex.ed hereto, is$ 5. The total of any amounts borrowed by the Corporation under Section t 89 of The Municipal Act in the current year is $ nil and the total of such amounts that have not been repaid are $ This statement is delivered to the Royal Bank of Canada pursuant to the provisions of Së:ction 189 of The Municipal Act. as amended to date. ~ AS WITNESS the corporate seal of the Corporation this day of February ,1993 . 15th (Corporate Seal) '~/#~F/~J:r.Á Tee ¡FOR BANK USE QNl Y) INITIALS Prepared By . ¡' - Checked By ". '..