HomeMy WebLinkAboutTWP 86 013 Borrow Bylaw - Drain
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TOONSHIP OF KINCARDINE
BY-LAW NO. 86-13
Being a By-Law to authorize the opening
and operation of a separate bank account
and to authorize talp:>rary bank borrowing
to control and finance the cost of
constructing municipal drains in the TcMnship
WHEREAS the Clerk-Treasurer is authorized by Section 82
of the Municipal Act, R.S.O. 1980, to open separate accounts in such
chartered banks in Canada as may be approved by the Council, and
WHEREAS the Council of The Corporation of the TcMnship
of Kincardine' deems it desireable to open a separate bank account to
control receipts and payments related to the construction of Municipal
Drains in the TcMnship, and
WHEREAS the Municipality is authorized by Section 189
of The Municipal Act, R.S.O. 1980, to borrow by way of prcmissory note
fran time to time such sums as the Council considers necessary to meet
the current expenditures of the Corporation,
NCM 'l'lIæEFCŒŒ, the Council of The Corporation of the
TcMnship of Kincardine enacts as follows:
(1) that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any necessary
documents to open a separate bank account at
The Royal Bank of Canada for the deposit of
revenues and payment of expenses related to the
construction of municipal drains in the TcMnship
(2) that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any documents
necessary to borrow by way of prcmissory note such
funds as may be necessary fran time to time with
respect to the construction of municipal drains
in the TcMnship up to a maximum of $125,000.00
provided that any such talp:>rary borrowings be within
the municipality' s statutory capacity to borrow
for current purposes
(3) that this by-law shall be effective on the date of
its passing.
Read a first and second time this 5d
day of May, 1986.
¥~
Reeve
.!JI, ,bud 1& h",¡
~¡ Clerk-Treasurer
Read a third time and finally passed this 5d day of May, 1986.
¥~
Reeve
...!2d,k.,c.¡ #'/-J
B~ Clerk-Treasurer.
By-law 85-16 is hereby repealed
Certified to be a true copy of By-Law 86-13
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