HomeMy WebLinkAbout01 003 cur operating borowing
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
NO. 2001 - 03
A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF THE MUNICIPALITY
OF KINCARDINE.
WHEREAS in accordance with subsection 187(1) of the Municipal Act, R.S.O.
1990, chapter M. 45, the. municipality considers it necessary to borrow the
amount of one million dollars ($1,000,000) to meet, until taxes are collected, the
current expenditures of the municipality for the year 2001;
AND WHEREAS pursuant to subsection 187(2) of the Municipal Act, R.S.O.
1990, chapter M. 45, the total amount borrowed pursuant to this by-law together
with the total of any similar borrowings is not to exceed the limits set forth in that
subsection;
AND WHEREAS the total amount previously borrowed by the municipality
pursuant to section 187 that has not been repaid is $nil;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1.
The mayor and treasurer are hereby authorized on behalf of the
municipality to borrow from time to time by way of promissory note or
banker's acceptance from the Royal Bank of Canada a sum or sums not
exceeding in the aggregate of $1,000,000 to meet, until taxes are
collected, the current expenditures of the municipality for the year
(including the amounts required for the purposes mentioned in subsection
187(1) of the Municipal Act) and to give to the Royal Bank of Canada
promissory notes or banker's acceptances, as the case may be, sealed
with the corporate seal of the municipality and signed by the mayor and
treasurer for the sums borrowed plus interest at a rate agreed from time to
time with the Royal Bank of Canada.
2. All sums borrowed pursuant to this by-law, as well as all other sums
borrowed pursuant to the Act in this year and in previous years from the
Royal Bank of Canada for any purpose will, with interest thereon, be a
charge upon the whole of the revenues of the municipality for the current
year and for all preceding years as and when this revenue is received.
3.
The treasurer is hereby authorized and directed to apply in payment of all
sums borrowed plus interest, all of the moneys collected or received on
account in respect of taxes levied for the current year and preceding years
or any other source which may lawfully be applied for this purpose.
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By-law No. 2001 - 03
2001 Current Operating Borrowing By-Law
Page 2 of 2
4.
The treasurer is authorized to fumish, to the Royal Bank of Canada, a
statement showing the nature and amount of the estimated revenues of
the municipality not yet collected and also showing the total of any
amounts borrowed that have not been repaid.
5.
This by-law shall come into full force and effect at the time of its passing.
This by-law may be cited as the "2001 Current Operating Borrowing
By-law" .
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this
10th day of January, 2001.
6.
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Clerk