HomeMy WebLinkAboutTWP 80 006 borrowing Royal Bank
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BY-Law 80-6
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 for the year 1980.
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 1980
pending the collection of current revenues;
AND WHEREAS under section 332 of the Municipal Act,
Chapter 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 of 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 not to exceed
$400,000.00 at anyone time outstanding and unpaid, to meet
until the taxes are collected, the current expenditures of
the Corporation for the year 1980, provided that notwith-
standing the sums authorized to be borrowed hereunder, the
amount that may be borrowed hereunder at anyone time, together
with the total of any similar borrowing that have not been
repaid, shall not, except with the approval of the Ontario
Munici~al Board, exceed 70 per cent of the uncollected
balance of the eatimated revenues of the Corporation, all
as provided in Section 332 of the Municipal Act, Chapter
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 on 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 authority
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 aforesid, 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 pruposes.
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Bv-Law 80-6 Paqe 2
5. All of the taxes levied or to be levied for the current
year and previous years, and all other revenues of the
Corporation which may be lawfully charged for such purpose
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.
7.
That By-Law 79-11, passed by the Council of the Corporation
of the Township of Kincardine on the 5th day of March 1979,
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
for the year 1979~ be, and the same is, hereby repealed.
8.
That this By-Law shall come into force and take effect on
the day of the final passing thereof.
d
ENACTED on this ,f day of February 1980 as read a first,
second and third time, signed and sealed.
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Reeve
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Clerk-Trea urer