HomeMy WebLinkAboutBRU 89 002 borrowing by-law
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BY-LAW NO.
89-2
Municipal Corporation of the
Township
of Bruce
A BY-LAW to authorize the borrowing of $ 990,000.00
WHEREAS pursuant to Section IB9 of The Municipal Act the Council of the Corporation deems it
necessary to borrow monies from time to time to meet, until the taxes are collected. the current expenditures
for the vear 19 ~ (hereinafter called "the vear").
AND WHEREAS pursuant to the authority of this bv-Iaw the amount that mav be borrowed at anv
one time, together with the total of anv similar borrowings that have not been repaid, shall not exceed the
sumof$ 990,000.00
AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the
estimated adopted for the (next preceding) year, not including revenues derivable or derived from the sale
of assets, borrowings or issues of debentures or from surplus including proceeds from the sale of assets is
$ 1,418,000.00
AND WHEREAS the amount of uncollected revenues of the Corporation for the vear based on the
estimated revenues for the Inext preceding) vear is, $ 1, 418 , 000 . 00
AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which
.are still unpaid, is $ 990,000.00
THEREFORE the Council of the Corporation of the Township
Bruce herebv enacts as follows:
of
1. That the Head and Treasurer are herebv authorized on behalf of the Corporation to borrow monies
from time to time, by way of promissory note, from The Toronto-Dominion Bank, necessary to meet, until the
taxes are collected, the current expenditures of the Corporation for the year, provided that the amount that
may be borrowed at anyone time, together with the total of any similar borrowings that have not been re-
paid, shall not exceed the sum of
Nine hundred and ninety thousand Dollars
and to give, on behalf of the Corporation, to the said Bank a promissory note or notes, sealed with the
corporate seal and signed bV the Head and Treasurer for the monies so borrowed with interest at the Bank's
prime interest rate which rate shall be as notified bV the Bank to the Treasurer from time to time.
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2. All sums borrowed pursuant to the authoritY of this BV-Law as well as all other sums borrowed in
the vear and all preceding vears from the said Bank to meet current expenditures of the Corporation shall,
with interest thereon, be a charge upon the whole of the revenues of the Corporation for the year and for
all preceding years as and when such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as
aforesaid, together with interest thereon, all of the monies hereafter collected or received either on account
or realized in respect of the taxes levied for the year and preceding years, or from any other source, which
mav lawfullv be applied for such purpose.
FINALLY PASSED this
,1989
TENTH
- ~CORP,~
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e ead of the Corporation
þ»av~
(Clerk)
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-- // - I Fì~VCfttify t1ìat the foregoing is "true coPV of Bv-Law No. a<!':'2
. -·CO(poration·of the _ship of BruCê
-~ :-_. '"in t¡¡.Province of Ontario, dulV passed at a meeting of the Council of the said Corporation dulV held,
. -;:. .---"Hd mat the said BV-Law is in full force and effect.
......::..::. -:.-
of the
·······DATED this
davof
JANUARY
,1989 .
TENTH .
As Witness the Seal
of the Corporation
~
, (Clerk)
C~_
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(Rev. (3-82)
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