HomeMy WebLinkAboutTWP 83 046 mun drain borrowing
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'ICMNSHIP OF KINCARDINE
BY-LAW 00. 83-46
Being a by-law to authorize the operation of a separate Bank Account
and to authorize tenporary Bank borrowing to control and finance the
cost of constructing ~cipa1 Drains in the Township
WHEREAS the C1erk-Treasurer is authorized by Section 82 of the ~cipa1
Act, R.S.O. 1980, to operate separate accounts in such Chartered
Banks in Canada as may be approved by the COuncil, and
WHEREAS the Council of The Corporation of the Township of Kincardine
deems it desireab1e to operate a separate Bank Account to control
receipts and payments related to the construction of Municipal Drains in
the Township, and
WHEREAS the nn.micipality is authorized by Section 189 of The ~cipa1
Act, R.S.O. 1980, to borrow by way of pI:ani.ssOJ:y note frcm time to
time such sums as the Council considers necessary to maet the current
e¡pehditures of the Corporation,
NCm' THEREFORE the Council of The Corporation of the Township of
Kincardine enacts as follows:
(1) that the Reeve and C1erk-Treasurer be and are hereby
authorized to sign all and any necessary documents to
operate a separate bank account at The Royal Bank of Canada for
the deposit of revenues and payments of expenses related to
the construction of ~cipa1 Drains in the Township
(2) that the Reeve and Clerk-Treasurer be and are hereby
authorized to sign all and any documents necessary to borrow
by way of pI:ani.ssory note such funds as may be necessary
fran time to time with respect to the construction of ~cipa1
Drains in the Township up to a tnaJdJmJm of $125,000.00,
provided that any such t.atp:>rary borrowings be within the
nu.tnicipality's statutory capacity to borrow for current
purposes
(3) that this by-law shall be retIoactive to October 1st, 1983.
(4) By-Law No. 82-24 is hereby repealed.
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17th day of October, 1983.
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~d .i f1û;a,>time and finally passed this
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17th day of October, ..1983.
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