HomeMy WebLinkAboutBRU 87 002 borrowing by-law
13664 (Onteno)
Municipal Borrowing
Current Expenditure Bv-Law
Insert amou nt to be
.uthorized by this
By-law only.
Oettite "next preceding"
jf estimates for current
vear adopted.
BY-LAW NO.
87-2
Municipal Corporation of the Township
A BY-LAW to authorize the borrowing of $ 900,000.00
WHEREAS pursuant to Section mof 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 year 19 -!IT.- (hereinafter called "the year").
of
Bruce
AND WHE REAS pursuant to the authority of this by-law the amount that may be borrowed at any
one time, together with the total of any similar borrowings that have not been repaid, shall not exceed the
sum of $ 900,000.00
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
$ 1,720,000.00
AND WHEREAS the amount of uncollected revenues of the Corporation for the year based on the
estimated revenues for the (next preceding) year is, $ 1.720.000 _ on
AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which
are still unpaid. is $ 900 , 000.00
THEREFORE the Council of the Corporation of the Township
Bruce hereby enacts as follows:
of
1. That the Head and Treasurer are hereby 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 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 by the Head and Treasurer for the monies so borrowed with interest at the Bank's
prime interest rate which rate shall be as notified by the Bank to the Treasurer from time-toLime.
2. All sums borrowed pursuant to the authority of this By-Law as well as all other sums borrowed in
the year and all preceding years 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
may lawfully be applied for such purpose.
FINALL Y PASSED this
,1987
SEVENTH
JANUARY
-
CORP. .
"'. .s¡:A~