HomeMy WebLinkAboutBRU 91 002 expenditures
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 91-2
a
The Corporation of the Township of Bruce
By-law No. 91-2 being a by-law to authorize borrowing from time
to time to meet current expenditures during the fiscal year
ending December 31, 1991.
WHEREAS the Municipal Act, R.S.O. 1980, Chapter 302, Section 189,
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 189 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 1991 (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 189(1) of
the Municipal Act.
2 .
The lender(s) from whom amounts may be
authority of this by-law shall be The Canadian
of Commerce and such other lender(s) as may
from time to time by resolution of council.
borrowed under
Imperial Bank
be determined
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.
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THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 91-2
PAGE 2
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 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 189 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, less all
revenues received for and on 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 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 ot 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.
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THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 91-2
PAGE 3
Promissory Notes made under Section 1 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-SECOND day of
JANUARY, 1991.
By-law read a Second time this TWENTY-SECOND day of JANUARY,
1991.
By-law read a Third time and finally passed, signed, sealed, and
numbered 91-2 this TWENTY-SECOND day of JANUARY, 1991.
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