HomeMy WebLinkAboutBRU 94 001 borrowing by-law
'lBE CORPORATION OP THE TONRSHIP OP BRUCE
BY-LAW NO. 94-1
The Corporation of the Township of Bruce By-law No. 94-1 being a
by-law to authorize borrowing from time to time to meet current
expenditures during the fiscal year ending December 31, 1994.
WHEREAS the Municipal Act, R.S.O. 1990, Chapter M.45, Section 187,
provides authority for a council by by-law to authorize the head of
council and the treasurer to borrow from time to time, by way of
promissory note, such sums as the council considers necessary to
meet, until taxes are collected, the current expenditures of the
Corporation for the year; and
WHEREAS the total amount which may be borrowed from all sources at
anyone time to meet the current expenditures of the Corporation,
except with the approval of the Municipal Board, is limited by
section 187 of the Municipal Act.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OP THE TOWNSHIP OF
BRUCE ENACTS AS FOLLOWS:
1. The head of council and the treasurer are hereby authorized to
borrow from time to time by way of promissory note during the
year 1994 (hereinafter referred to as the current year) such
sums as may be necessary to meet, unti I the taxes are
collected, the current expenditures of the Corporation and the
other amounts that are set out in Subsection 187 (1) of the
Municipal Act.
2. The lender(s) from whom amounts may be borrowed under
authority of this by-law shall be The Canadian Imperial Bank
of Commerce and such other lender(s) as may be determined from
time to time by resolution of council.
3. The total amount which may be borrowed at anyone time under
this by-law, together with the total of any similar borrowings
that have not been repaid, shall not exceed 70% of the
uncollected balance of the estimated revenues of the
Corporation as set forth in the estimates adopted for the
current year or $1,000,000.00, whichever is less.
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 94-1
PAGE 2
~.
4.
The treasurer shall, at the time when any amount is borrowed
under this by-law, ensure that the lender is or has been
furnished with a certified copy of this by-law, (a certified
copy of the resolution mentioned in section 2 of this by-law
determining the lender) if applicable, and a statement showing
the nature and amount of the estimated revenues for the
current year not yet collected and also showing the total of
any other amounts borrowed from any and all sources under
authority of Section 187 of the Municipal Act that have not
been repaid.
a) If the estimates for the current year have not been adopted at
the time an amount is borrowed under this by-law, the 70%
limitation on total borrowing, as set out in section 3 of this
by-law, shall be calculated for the time being upon the
estimated revenues of the Corporation as set forth in the
estimates adopted for the next preceding year, I ess all
revenues received for and one account of the current year.
b) If the estimates for the current year have not been adopted at
the time an amount is borrowed under this by-law, the
statement furnished under Section 4 of this by-law shall show
the nature and amount of the estimated revenues of the
Corporation as set forth in the estimates adopted for the next
preceding year and the nature and amount of the revenues
received for and on account of the current year.
Allor any sums borrowed under this by-law shall, with interest
hereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for any preceding years as and
when such revenues are received: provided that such charge does
not defeat or affect and is subject to any prior charge then
subsisting in favour of any other lender.
.
The treasurer is hereby authorized and directed to apply in payment
of all or any sums borrowed under this by-law, together with
interest thereon, all or any of the monies 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.
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 94-1
PAGE 3
Promissory Notes made under Section 1 of this by-law shall be
sealed with the seal of the Corporation and signed by the head of
councilor such other person as is authorized by by-law to sign it
and by the treasurer.
This by-law shall take effect upon third reading thereof.
By-law introduced and read a First time this TWENTY-FIFTH day of
JANUARY, 1994.
By-law read a Second time this TWENTY-FIFTH day of JANUARY, 1994.
By-law read a Third time and finally passed, signed, sealed, and
numbered 94-1 this TWENTY-FIFTH day of JANUARY, 1994.
13tü~
CLERK
REEVE
-- ....,.
........' -~
. .-
$EAL<; , _
: -«-
. '-
.....--- '.. ....~
.............. '-~:--
- ".,
, . -
.