HomeMy WebLinkAboutTWP 84 018 Loan Mun Drains
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TWIISHIP IF KIr£ARDIIIE
By-law No. 84-18
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
conatructing municipal drains in the
tawnship
IIIt£REAS the Clerk-Treasurer is authorized by Section
82 of the Municipal Act, R.S.O. 1980, to open separste accounts
in such chartered banks in Dsnada as may be approvad by the
council, and
IlltEREAS the Council of The Corporation of the .Township
of Kincardine del!ma it dllaireable to open a separate bank
account to control receipts and payments related to the
conatruction 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 promiaaory
note from time to timø such sUllla as the council considers
necessary to _et the current expenditures of the Corporation,
NDiI THEREfORE the Council of The Corporation of the
Tawnship of Kincerdina enacta aa follCW8:
(1) that the Reeve and Clerk-Treasurer be and are
hereby authorized to sign all and any necessary
docUll8nts to open a separate bank account at
The Royal Bank of Canada for the depositoI'
revsnues and payment of expenl!lSa related to
the construction of municipal drains in tha
Township
(2) that the Reave and Clerk-Treasurer be and sre
hereby authorizad to sign all snd any documents
nacea8Sry to borrow by way of promiaaory not.
such funds aa may be nacessary from tilllll to time
with respect to the construction 01' nunicipsl
drains in the Township up to a maximum of
$125,000.00, provided that any such temporsry
borrowings be within the municipality's
statutory capacity to borrow for current pupp018S
(3)
that this by-law shall be effectivs on the ~.- - -
of its passing. .
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'7 day of Msy, 1984( -::: ,~-
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7 day of Msy,._.~.__
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~: /Re8åc 1t-MJ'at and second time this
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--Reeve-- :-
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Read a third time and finally passed this
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By 82.24 is hereby rspssled
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