HomeMy WebLinkAboutTWP 85 016 Cap. Borrow Bylaw
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TOWNSHIP OF KINCARDINE
By-Law No. 85-16
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Being a By-law to authorize the opening
and operation of a separate bank account
and to authorize temporary bank borrowing
to control and finance the cost of
constructing municipal drains in the Township
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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 Township
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 Township, and
WHEREAS the municipality is authorized by Section 189
of The Municipal Act, R.S.O. 1980, to borrow by way of promissory note
from time to time such sums as the council considers necessary to meet
the current expenditures of the Corporation,
NOW THEREFORE the Council of The Corporation of the
Township 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
conatruction of municipal drains in the Township
(2) that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any documents
necessary to borrow by way of promissory note such
funds as may be necessary from time to time with
respect to the construction of municipal drains
in the Township up to s maximum of $125,000.00
provided that any such temporary borrowings be within
the municipality'a statutory capacity to borrow for
current purposes
(3) that this by-law shall be effective on the date of
ita pasaing.
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Reeve .
9€ day of May, 1985.
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C~Treasurer (' .
finally passed this day of M y, 1985.
Read a first and second time this
Read a third time and
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Reeve
By-law 84-18 is hereby repealed
Certified to be a true copy of
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