HomeMy WebLinkAboutBRU 90 001 borrowing
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 90-1
Corporation of the Township of Bruce
By-law No. 90-1 being a by-law to authorize borrowing from time
to time to meet current expenditures during the fiscal year
ending December 31, 1990.
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 1990 (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 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. 90-1
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 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.
5.
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.
6.
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.
.
7. 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 moneys
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. 90-1
PAGE 3
8. 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.
9. This by-law shall take effect upon third reading thereof.
By-law introduced and read a First time this NINTH day of
JANUARY, 1990.
By-law read a Second time this NINTH day of JANUARY, 1990.
By-law read a Third time and finally passed, signed, sealed, and
numbered 90-1 this NINTH day of JANUARY, 1990.
CLERK
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REEVE
SEAL