HomeMy WebLinkAboutTWP 85 017A Borrow Bylw Operate
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. FORM 348 (9-83)
ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY-LAW &"S - '7 A
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V
WHEREAS the Council of the Corporation of the
Kincardine
Townahip
of
(herein called "the Corporetion")
.etertofh8
tlmates
for the
current year
lfadopted:
¡f not 10
thoseot
lastvear.
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 19 84 ,is $ 1,749,776. ;
AND WHEREAS the total amount heretofore authorized to be borrowed this year for the purposes mentioned in
Section 189 of the Municipal Act is $1,224,843.00. 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
Four hundred and fifty thousand
aggregate hereunder
Dollars ($ 450.000.00 )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 Treasurerfor the 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 interest 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 of the revenues ofthe 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 for the current 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.
9th
PASSED this
day of
May
19 -ª2... .
.
(Corporate Seal)
e 41£ (
he Head of the Corporation
~2,~,jifØkú.h
Cle
It is hereby certified by the undersigned that the foregoing is a true copy of 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.
" ,
. ," Given under our hands and seal of the Corporation this 9th
day ~f Mav 19~.
J~rporate Seal)
By-law 84-17
is hereby repealed
/JjH~/~~ /?:;#~~~Á
Clerk