HomeMy WebLinkAboutTWP 87 011 Borrowing Bylaw
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.. ONTARIO"
Mu'WrcIPAL CORPORATIONS - BORRðWlNG BY-LAW
FORM 348 (9-83)
87-11
WHEREAS the Council of the Corporation of the
Kincardine
Township
of
(herein called "the Corporation")
deems it necessary to borrow the sum of rl50, 000.00 to meet, until the taxes are collected, the current
expenditures of the Corporation for the year;
* AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimates
adopted for the year 1987 ,is $2,386,577.;
AND WHEREAS the total amount heretofore authorized to be borrowed this year for the purposes mentioned in
Section 189 of the Municipal Act is $1,407,033., of which the Corporation has already borrowed a total of
$ NIL
THEREFORE THE COUNCIL OF THE CORPORATION hereby enacts as follows:
1. The Head of the Corporation and Treasurer are hereby authorized on behalf of the Corporation to borrow from
time to time during the year in accordance with the provisions of the said Section 189 by way of promissory note from
THE ROYAL BANK OF CANADA (herein called "the Bank") a sum or sums not exceeding in the
aggregate hereunder Four Hundred and Fifty Thousand
Dollars ($450,000. )to meet,
until the taxes are collected, the current expenditures of the Corporation for the year, including the amounts required
for the purposes mentioned in the said Section 189, and to give on behalf of the Corporation to the Bank a promissory
note or notes sealed with the corporate seal and signed by the Head of the Corporation and Treasurer for the moneys so
borrowed and to pay interest thereon, or on so much thereof as remains from time to time unpaid, calculated at the
o
Bank's prime interest rate per annum in effect from time to time plus % per annum, as well after as
before maturity, default and judgment, with interest on overdue interest at the same rate as the principal.
2. All or any sums borrowed pursuant to the authority of this By-law as well as all other sums borrowed in this year
and any previous years from the Bank for any or all of the purposes mentioned in the said Section 189 shall, with
interestthereon, be a charge upon the whole or any part or parts ofthe revenues of the Corporation forthe current year
and for all preceding years. as and when such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment all or any sums borrowed as aforesaid,
together with interest thereon, all orany of the moneys hereafter collected or received, either on account of or realized
in respect ofthetaxes levied forthecurrent year and preceding years or from any other source, which may lawfully be
applied for such purpose.
4. The Treasurer is hereby authorized and directed to furnish the Bank at the time of each borrowing a statement
showing as at that date the nature and amount of the estimated revenues for the current year where the estimated
revenues have been adopted for the current year, or of the estimated revenues for the previous year where the
estimated revenues have not been adopted for the current year; the nature and amount of the uncollected balance of
the estimated revenues; the aggregate of borrowings made in the year under the provisions of the said Section 189;
and the total of any borrowings made in the year under the said Section 189 which have not been repaid.
5. The Bank shall be entitled to rely as to the authority of any borrowing on a copy of this By-law certified by the
Clerk and on the statements furnished to the Bank from time to time by the Treasurer pursuant to paragraph 4 of this
By-law.
6. This By-law shall remain in full force and be binding on the Corporation as against the Bank, until a copy, certified
by the Clerk under the corporate seal, of a By-law repealing or replacing this By-law, shall have been received by the
Bank and duly acknowledged in writing.
PASSED this 21st
day of
May
19~.
~&,
The Heâd 0 the Corporation
By-Law *86-17 is hereby repealed.
(Corporate Seal)
It is hereby certified by the undersigned that the foregoing is a true copy f a By-law of the above-mentioned
Corporation, duly passed at a meeting of the Council of the Corporation duly held, and that the said By-law is in full
force and effect.
day of
s and seal of the Corporation this ",1 /41r
19¥.
~/A,jç4:"A
Clerk
(Corporate Seal)
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.'onn 349 (2-82)
ONTARIO
MUNICIPAL CORPORATIONS
STATEMENT BY TREASURER RE BORROWING
TO: Royal Bank
Kincardine
Re: The Corporation of the
Kincardine
in the Province of Ontario (hereinafter called "the Corporation")
Township
of
I hereby certify lhat the foUowing statements are true and correct as of this date;
'Del'"
-1~oI)" I' I. The eslimates of the Corporation for the current year haveiØ) been adopted.
_unatel
,"'........
= b...
adop'ed)
¡Refer to
he "ti-
mates few
the current
Sear if such
ve been
opted; If
not, refer to
...Iin....
of lut year)
(Attach
Mparlte
....... ,'"
Schedule,
A.B.r.C¡
2. The nature and amount of the eslimated revenues of the Corporation set forth in the estimates of the
Corporation adopted for the year 19 87 are $ 2, 386 , 577 . O,~s more particularly set forth in Schedule
A hereto.
3.
The nature and amount of revenues of the Corporation for the current year collected to date is $3 7 6 , 530 .
, as more particulatly set forth in Schedule B hereto.
(Dele,. 4. The nature and amount of the estimated revenues of the Corporation for the current year not yet collected
r,~:g:~~.: is $ 2 , 0 1 0 , 0 4 7 . , as more particularly set forth in Schedule C annexed hereto.
for current
year not· yet
Hopted)
5. The total of any amounts borrowed by the Corporation under Section 189 of The Municipal Act in the
,
current year is $ nil and the total of such amounts lhat have not been repaid are $
This statement is delivered to The Royal Bank of Canada pursuant to the provisions of Section 189 of The
Municipal Act, u amended to date.
AS WITNESS the corporate seal of the Corporation this
21st
,1987 .
day of May
(Corporate Seal)
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