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HomeMy WebLinkAboutBRU 80 001 Borrowing by-law 138 /114A (Ontario) Munl Ipal Borrowing Curr t Expenditure Bv-Law lnee amount to be auth zed by this Bv-Ia only. OeIet "next preceding" if Mt¡ ates for current .,.... opted. 1 BY-LAW NO. 80-1 Municipal Corporation of the Towns hi p of Bruce A BY·LAW to authorize the borrowing of $ Si X Hundred Thousand WHEREAS pursuant to Section 332 of The Municipal Act the Council of the Corporation deems it necessary to borrow monies from time to time to meet, until the taxes are collected, the current expenditures for the vear 19 80 . (hareinatter called "the vear"). < AND WHEREAS pursuant to the authority of this bv-Iaw the amount that mav be borrowed at anv onetime, together with the total of anv similar borrowings that have not been repaid, shall not exceed the sum of $ 600,000.00 AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimated adopted for the (next preceding) year, not including revenues derivable or derived from the sale of assets, borrowings or issues of debentures or from surplus including proceeds from the sale of assets is $ 967 .355.00 AND WHEREAS the amount of uncollected revenues of the Corporation for the vear based on the estimated revenues for the (next preceding) vear is, $ 967.355 00 AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which are still unpaid, is $ 600 .000.00 THEREFORE the Council of the Corporation of the Township Bruce herebv enacts as follows: of 1. That the Head and Treasurer are hereby authorized on behalf of the Corporation to borrow monies from time to time, by way of promissory note, from The Toronto-Dominion Bank, necessary to meet, until the taxes are collected, the current exp.enditures of the Corporation for the year, provided that the amount that may be borrowed at anyone time, together with the total of -any similar borrowings that have not been re- paid, shall not exceed the sum of Six Hundred Thousand Dollars and to give, on behalf of the Corporation, to the said Bank a promissory note or notes, sealed with the corporate seal and signed bV the Head and Treasurer for the monies so borrowed with interest at the Bank's prime interest rate which rate shall be as notified bV the Bank to the Treasurer from time to time. 2. All sums borrowed pursuant to the authority of this Bv-Law as well as all other sums borrowed in the vear and all preceding vears from the said Bank to meet current expenditures of the Corporation shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation for the year and for all preceding years as and when such revenues are received. 3. Tha.-Ir~asurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid,'tØgetÞer~wtth interest thereon, all of the monies hereafter collected or received either on account or realized tn respec'tof the taxes levied for the, year and preceding years, or from any other source, which may lawfullY œ applied for such purpose. , FINALlY PASSED this CORP. SEAL Second davof January .- ~.~~~] (aerk) . 19 80