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Home My WebLink AboutTWP 98 002 Temp Borrow Bylaw . . * FORM 348(3-96) (FOR BANK USE ONLY) I SRF Accounl No. , ONTARIO MUNICIPAL CORPORATIONS TEMPORARY BORROWING BY-LAW Corporation o!the Township of Kincardine By-law No. 98- 0 2 being a by-law to authorize borrowing from time to time to meet current expenditures during .he fiscal year ending December 31, 1998 WHEREAS the Municipal Act, R.S.O. 1990, Chapter MA5, section 187, provides authori1y 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 or banker's acceptance, such sums as the council considers necessary to meet, until taxes are collected and other revenues received, 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 187 of the Municipal Act; NOW THEREFORE THE COUNCIL OFTHE 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 or banker's acceptance during the year 1998 (hereinafter referred to as the current year) such sums as may be necessary to meet, until the taxes are collected and other revenues received, the current expenditures of the Corporation and the other amounts thatare setout in subsection 187 (1) of the Municipal Act. 2. The lender(s) from whom amounts may be borrowed under authority of this by-law shall be The . Ro val 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 tota! of any similar borrowings that have not been repaid, shall not exceed from January 1st to September 30th of the current year, 50 percent of the total, and from October 1 st to December 31 st of the current year, 25 percent of the total 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 and also showing the total of any other amounts borrowed from any and all sources under authority of section 187 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-law, the 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. 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 current 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 or banker's acceptances made under section 1 shall be signed by the treasurer and the head of councilor by such other person as is authorized by by-law to sign it. 9. This by-law shall take effect upon third reading thereof. ~ By-Law 97-02 is hereby repealed. .ead a first and second time this /99 R n.d,ayof ... " . . . "",.# - -'. ". - .' , - '.:" -- . . * FORM 348(3-96) (FOR BANK USE ONL VI I SRF Accounl No. , ONTARIO MUNICIPAL CORPORATIONS TEMPORARY BORROWING BY-LAW Corporation o!the Township of Kincardine By-law No. 9 8 - 0 2 being a by-law to authorize borrowing from time to time to meet current expenditures during .he fiscal year ending December 31, 1998 WHEREAS the Municipal Act, R.S.O. 1990, Chapter MA5, section 187, 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 or banker's acceptance, such sums as the council considers necessary to meet, until taxes are collected and other revenues received, 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 187 of the Municipa! Act; NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE Town sh ip 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 or banker's acceptance during the year 1998 (hereinafter referred to as the current year) such surns as may be necessary to meet, until the taxes are collected and other revenues reCeived, the current expenditures of the Corporation and the other amounts that are set out in subsection 187 (1) of the Municipal Act. 2. The lender(s) from whom amounts may be borrowed under authority of this by-law shall be The' Roval 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 from January 1 st to September 30th of the current year, 50 percent of the total, and from October 1 st to December 31 st of the current year, 25 percent of the total 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 and also showing the total of any other amounts borrowed from any and all sources under authority of section 187 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-law, the 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. 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 current preceding year and the nature and amount of the revenues received for and on account of the current year. 6. Allor 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. a. Promissory Notes or banker's acceptances made under section 1 shall be signed by the treasurer and the head of councilor by such other person as is authorized by by-law to sign it. 9. This by-law shall take effect upon third reading thereof. ~ By-Law 97-02 is hereby rep~led. .ead a first and second time t . /9 /99' R' :""-,.. . /99,J{. '. ~ " "": . ::::day of~·- -..:~:. ~.. , . . . (Ins8rt proper name of Municipality) (De~te U(noW if estimates for current year have been adopted) (Refer 10 the estimates for the current year if such have been .ted; if not, to ales of last year) (Attach separate sheets for Schedules A, B. & C) (Delete paragraph 4 if estimates for current year nOlyet adopted) . TO: . . * FORM 349 (3-96) , (FOR BANK USE ONL V) SRF Account No. ONTARIO MUNICIPAL CORPORATIONS STATEMENT BY TREASURER RE BORROWING Royal Bank Kincardine, Ontario Re: The Corporation of the Township of Kincardine in the Province of Ontario ( "the Corporation") (FOR BANK USE ONLY) INITIALS Prep.red By -1- Checked By I hereby certify that the following statements are true and correct as of this date; 1. The estimates of the Corporation for the current year have (not) been 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 199 7 ~e{~O 3 0,012 . 00, as more particula~y set forth in Schedule A hereto. 3. The nature and amount of revenues of the Corporation for the current year collected to date is $ 34,744.07 , as more particula~y set forth in Schedule B hereto. 4. %i:S{__~IIIVOt»»æs1imar6ClKlll_1If6iXJt»»~QI1{œKItII!I~"KIÐCJ9. IfOII~XXXXXXXXXXXXXXX~iWlafljJSIIIJfOtIIII~~_1It1rM1IU( . 5. The total of any amounts borrowed by the Corporation under Section 187 of The Municipal Act in the current year is $ 1 0 1 , 0 0 0 . 0 0 and the total of such amounts that have not been repaid areS 101,000.00 This statement is delivered to the Royal Bank of Canada pursuant to the provisions of Section 187 of The Municipal Act, as amended to date. tf"~r . (Month /9d (Day) ¡elf,! . (Year) ~",jJj&:~A Bsurer · · . . SUMMARY /' tt /./ ..:k~ etu.L '0 TOWNSHIP OF KINCARDINE _____·_____·________~_~~_~··~___··___·___~n__·__ ,________..__.. __n_ _ __ ____ ACCOUNTS RECEIVED SUMMARY - January 1 - 15, 1998 _ ,.'.. --~-~~==~r--=--------=J--~ . - - - -. DESCRIPTION I Sub- Totals r Totals --- --- ---oo- __ Canine Control. Fe¡¡sJl?~ T~!!II. _ $ 70.~ Compliance ~equests $ 50.00 Occupancy Pennit $ _~()O ______________ Ti.~el?!~in Debenture {Travers)L_____ 6,909.07_____ Int'l #6/JD Loa..cterE:xp'en~e.!...._n_ .Ln_.________ 2~1,07_ _________ __ _ ___ TelephonElC~II!..._____ $ 4.00__________________ Ti!l!ling FEI¡¡~_____ $ ___~5.0g_ _~____ ,_u___ __ ----------------- -_.~--------- --------,--- __n __u_ __ __________·___'._·n.__.·_.·...··m. -----....-. ---.. ._._--'--'-'-- -.---.--- -.-.. --- . I r I , -__--~=_ ~~_~~-~~~.. _ -~-~-_=_=i~~¡ ._____.__u__.uu -. .-.- -.. .--,-. --..-------t-.- -. __u___ Municipal Dral.ns $ - $ _.'..___u_ ___ _._______ ____u__,._ TAXES ----,--,--,------------- 1997 Taxes 1 ~7--"'enalty 1996 Taxes ------.-----.--....-. 1996 Penalty ______ _ 1995 Taxes 1 ~~? P¡¡nalty _u__ ------ ..--.-.---.------ _.._._----~- ---- ------------ $ $ $ $ ---~---~_._-~ $ $ 21,298.82 682.34 .-.------.-- 22.65 ----------~-----~ 542.44 3,811.40 ---- ------~ . --- - 1,047.28 --.--.-...--.-. -----~_.. --~---------------- ------.--.._--------- -- -- ~- --------- ----------------- --------------- - ------------ $ 27,404.93 -- -- -- .--.------- -..-.--.. - --------- -....----- ------------. --------------- Grand Total $ 34,744.07 · Summary . . . FORM 1401 (11-90) . To: ROYAL BANK OF CANADA 757 Queen Street, f} 02362-093 IONCAiDINE. ONT. N2Z 2Y~ /.,L ,192£ ~519¡ 396-3481 · (Name of Branch) ,.' n7 The undersigned considers it necessary and beneficia! to request the Bank to hold a supply 01 blank promissory notes signed by the undersigned as maker and made to the order ot the Bank as payee. The purpose of this procedure is to permit the Bank to credit automatically the proceeds of each note to a demand deposit account of the undersigned whenever this is required to maintain the account in a reasonable credit position. A supply of these notes so executed, numbering /0 is hereby delivered to the Bank to be held in safekeeping until utilized. The Bank, in its discretion, is hereby authorized from time to time to complete these notes, individually or otherwise, as required and to credit the proceeds thereof to a demand deposit account 01 the undersigned. · In consideration of the benefits duly acknowledged, accruing to the undersigned from this arrangement, it is agreed that each note so processed is a valid, binding and negotiabie promissory note of the undersigned as maker. r---' I This authority is to remain in force until ;/E:CG/'f'I~ '3: \ , 19<1ß- uniess cancelled in writing. .._~~-- 7'h' .£þ")þ~<; Authorized Si · (Français au verso)