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HomeMy WebLinkAboutTWP 80 006 borrowing Royal Bank I i ~ I ~ I I . . I I I I .1 I . .~ . . , \ 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. 0. -I ! I . . . )< .',,,,,,~ . . ~ 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. L_ ~J Reeve ~,< ße!Ah/;'A Clerk-Trea urer