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HomeMy WebLinkAboutTWP 86 017 Borrow Bylaw-Operate r -'IOlhe '81es forlhe current year If adopted; If not, to those of last year. . . f FORM 348 (9-83) _ . ONTARIO . . ~UNICIPAL CORP ATIONS - B ROWING BY-LAW 86-17 ¡ WHEREAS the Council of the Corporation of the of ~1åWP 1(~:ð. 'ROll\TR (herein called "the Corporation") deems It necessary to borrow the sum of $ 450 000 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 1986 . Is $2,122,106.00; AND WHEREAS the total amount heretofore authorized to be borrowed this year for the purposes mentioned In Section 189 of the Municipal Act is $ 1.485.474.090f 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 FQur !;I¡,¡nèreE! :mE! Fift?¡ 'l!åeuS3ßd Dollars ($ 450 000 00 )to meet. until the taxes are collected. the current expenditures of the Corporation for the year. including the amounts required forthe 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 forthe moneys so borrowed and to pay interest thereon. or on so much thereof as remains from time to time unpaid. calculated at the Bank's prime intarest rate per annum in effect from time to time plus 0% 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 interest thereon. be a charge upon the whole or any part or parts olthe revenues of the Corporation for the 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 or any of the moneys hereafter collected or received. either on account of or realized in respect of the taxes levied forthe current year and preceding years orfrom 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 forthe 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 shaH 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 acopy. 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 16th June 19-ªL. ÅG:¡j{;;he~orporalion JphL,/ /!~¿.~~~ day of By-Law 84-17 is hereby repealed (Corporate Seal) II is hereby certified by the undersigned that the foregoing is a true copy of a By-law of'tlw.šl!2.qye.-mëntioned 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. Given under our hands and seal of the Corporation this 16th day of June 19ª-º-.. (Corporate Seal) Clerk