HomeMy WebLinkAboutTWP 81 010 Borrowing by-law
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TOWNSHIP OF KINCARDINE
BY-LAW 81-10
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A By-Law to authorize the Reeve and Treasurer of the
of the Township of Kincardine to borrow certain sums
meet current expenditures of the Corporation for the
Corporation
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year 1981.
WHEREAS the Council of the Corporation of the Township of
Kincardine deems it necessary to borrow monies to meet the
current expenditures of the Corporation for the year 1981
pending the collection of current revenues;
AND WHEREAS under section 332 of the Municipal Act, C. 284,
R.S.O. 1970, the Corporation is empowered to borrow for current
purposes up to 70% of the uncollected balance of the estimated
revenues for the Corporation as set forth in the estimates
adopted for the year;
AND WHEREAS pending adoption of the current estimates the
limitation upon borrowing is temporarily calculated upon the
estimated revenues of the Corporation, as set forth in the
estimate adopted for the next preceding year;
BE IT THEREFORE ENACTED by the Municipal Council of the
Corporation of the Township of Kincardine, as follows:
1. That the Reeve or Acting Reeve and the Treasurer of the
Corporation are hereby authorized to borrow from time to
time from the Royal Bank of Canada or other person or persons
by way of promissory notes and at such rate or rates of
interest as they may approve, sums to not exceed $450,000.00
at anyone time outstanding and unpaid, to meet until the
taxes are collected, the current expenditures of the
Corporation for the year 1981, provided that notwithstand-
ing the sums authorized to be borrowed hereunder, the
amount that may be borrowed hereunder at anyone time, to-
gether with the total of any similar borrowing that have
not been repaid, shall not, except with the approval of
the Ontario Municipal Board, exceed 70 per cent of the un-
collected balance of the estimated revenues of the Corporation,
all as provided in Section 332 of the Municipal Act, C.284
R.S.O. 1970.
2. The Reeve and the Treasurer, or the persons for the
time being, being incumbent in those offices, are hereby
authorized to execute on behalf of the Township of Kincardine
a promissory note or notes in the manner signified in
paragraph 3 hereof.
3. A promissory note or notes, signed by the Reeve and
the Treasurer, or the persons for the time being acting in
those offices, and sealed with the seal of the Corporation,
for the amounts from time to time borrowed under the author-
ity hereof, and interest therein, may be given to the
Royal Bank of Canada or its representative from time to
time as security for such loans.
4. The Treasurer is hereby authorized and directed to
apply in payment of the money borrowed as aforesaid,
together with the interest thereon, all the monies now or
hereafter collected or received on account or realized in
respect of taxes levied for the current year and previous
years, and all of the monies collected or received from
other sources excluding the sale of debentures, which may
be lawfully applied for such purposes.
5. All of the taxes levied or to be levied for the current
year and previous years, and all the other revenues of the
Corporation which may be lawfully charged for such purposes
be, and the same are, hereby charged with repaying of the
sums so borrowed.
6. The Reeve and Acting Reeve and the Treasurer of the
Corporation are hereby authorized to execute on behalf of
the Corporation, under the Corporate seal, and deliver to the
Royal Bank of Canada or its representative an agreement
charging the taxes and revenue above charged with repaying
of the sums so borrowed.
continued . . .
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. By-Law 81- /tJ
page 2
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7. That By-Law 80-6, passed by the Council of the Corporation i
of the Township of Kincardine on the 8th day of February 1980, I·
entitled "A By-Law to authorize the Reeve and Treasurer of
the Corporation of the Township of Kincardine to borrow
certain sums to meet current expenditures of the Corporation I
for the year 1980", be, and the same is, hereby repealed.
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8. That this By-Law shall come into force and take effect on the
day of the final passing thereof.
ENACTED on this
and third time,
9~ay
signed
of May 1981 as read a first, second
and sealed.
THE CORPORATION OF THE TOWNSHIP OF
KINCARDINE
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