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HomeMy WebLinkAboutBRU 93 001 borrowing by-law THE CORPORATION OF THE TOWNSHIP OF BRUCE ._0. BY-LAW NO. 93-1 The Corporation of the Township of Bruce By-law No. 93-1 being a by-law to authorize borrowing from time to time to meet current expenditures during the fiscal year ending December 31, 1993. 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 wi th the approval of the Municipal Board, is I imi ted by Section 187 of the Municipal Act. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF 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 1993 (hereinafter referred to as the current year) such sums as may be necessary to meet, until 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. 93-1 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-l aw, 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, less 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. --e 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. 93-1 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 TWELFTH day of JANUARY, 1993. By-law read a Second time this TWELFTH day of JANUARY, 1993. By-law read a Third time and finally passed, signed, sealed, and numbered 93-1 this TWELFTH day of JANUARY, 1993. CLERK ~Û- - - , .,.../ ..:,,:~~ - -- ---~SÉ:'~i:° _ '" -:.-/"........-~- /', -"- "' '^- '-'. - .' ,', ...........". '-- - "-"/ -~:------ ".::..¿-.-.-:.------ -......... .:-- .