HomeMy WebLinkAboutBRU 82 021 borrowing by-law
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BY·LAW NO. 82-21
Municipal Corporation of the
Township
of
Bruce
A BY· LAW to authorize the borrowing of $ 750,000.00
189
WHEREAS pursuant to Section 33Q of The Municipal Act the Cou¢il of the Corporation deems it
necessary to borrow monies from time to time to meet, until the taxes alß"collected, the current expenditures
for the year 19 82-8~hereinafter called "the year").
AND WHEREAS pursuant to the authority of this by·ljiW the amount that may be borrowed ~ any
one time, together with the total of any similar borrowings tl)ttt have not been repaid, shall not exceea the
sumof$ 750,000.00
AND WHEREAS the total amount of the p.(,mated revenues of the Corporation ~ set forth in the
or ¡jelft\,!lTrom the sale
of assets, borrowings or issues of debentures or~¡rom surplu"lncludinø proceeds frolTY'the sale of assets is
$ 1. 571.831.
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AND WHEREAS the amoun1A>f uncollecteol"re.enues of the Corpoøétion for the year based on the
estimated revenues for the (next prøl:eding) year isr$. iL!l71, 8in. 00
AND WHE REAS 70% of such uncQllected re\l1!nues, less thll amount of similar borrowings which
are still unpaid, is $ 750, Ø\Jù. 00
THEREFO,* the Council of\th~'Corþoration of th" Township
£ruce her'llSY enacts as follows:
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of
1. That ,he Head and T.....rer.are hereby autl)6rized on behalf of the Corporation to borrow monies
from time t6 time, by waw p~ómjtsory note, fro¢The Toronto·Dominion Bank, necessary to meet, until the
taxes artl'collected, the <lÚrreøt èl< )enditures of uie Corporation for the year, provided that the amount that
may jJé borrowed at an~nti time, together w~ the total of any similar borrowings that have not been re-
pajd, shall not exceed the ....m of /
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SeVlch Hundr¢d .and Fifty ~usànd D II
.\ ,oars
and to gIve, cpn belJl,lf £¡ the Corporati'on, to the said Bank a promissory note or notes, sealed with the
corpora"" seal and signed by the H~d and Treasurer for the monies so borrowed with interest at the Bank's
prime int~~t_~!P-~~~~~te ShJ'! be as_~tified by th~_~a~k.to the Treasure! fr~rTl time to time.
2. AII\ums borrowed pC'-rsuant to the authority of this By· Law as well as all other sums borrowed in
the year and all preceding ¥'ears from the said Bank to meet current expenditures of the Corporation shall,
with interest thereon, Þ$la charge upon the .whole of the revenues of the Corporation for the year and for
all preceding years as"ø'nd when such revenues are received.
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3. The Tr,asurer is hereby authorized and directed to apply in payment of all sums borrowed as
aforesaid,togqmer with interest thereon, all of the monies hereafter collected or receíved either on account
or realized ion respect of the taxes levied for the year and preceding years, or from any other source, which
may la~lIy be applied for such purpose.
FINALLY PASSED this
First
day of December
~ ~
rlM~
~~'''OOI
(Clerk )
.
,1982
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