HomeMy WebLinkAboutTWP 78 003 borrowing by-law
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BY-UIW MJ. 78 -.3
-Law to sutharize the Reeve and Treasurer of the Corporation of the Tawnahip
diRe to borrow certain BUaS ta .eet current expenditures of the Corporation
the yesI' 1978.
III£REAS the Cuuncll of the Corporetion of the Tlllilnahip of Kincardine
a it nece888rY to borrow lIonies to .eet the current expenditurea of the
aration for the year 1978 pending the collection of current revenues;
ANI) III£REA5 under section 332 of the Municipal Act, Chapter 2~,
.B. 1970, the Corporation ia E!IIIpowered to barrow for current purposes up to
of the uncollected bslllllC8 of the estillated revenues of the Corporation a8
forth in the estillatea aclopted for the yeer;
ANI) lItIE'£A5 pending adoption of the current estialates the U..itatian
barr[l¡ ing is tE!lllparsrily calcw.sted upon the estiJaated revenues of the
orstion, as IIIIt forth in the estiJaate sdopted for the next preceding yesI';
BE IT TI£R£FDRE ENACTED by the Municipal Council of the Corporation
of the T_ship of lSincarcline, as follows:
1.
That tne Reeve or Acting Reeve 8PtI the Trlilllsurer of the Corporation sre hereby
authorized to barr[l¡ fraJa time to time fraJa the Royel 8imk of Cenede ar .tAilr
person or persona, by IIIIY of prliDiasory notea end at such rete or retes of'
interest ss they RIllY spprove, _s not ta exceed S375,1JŒI.DIJ
et any one tiJae outatsndiøg and unpaid, to meet until the taxes sre collacted,
the current expenditures of the Corporation far the year 1978, provided
tbet IUltwi thstsnding the _a authorized to be borr_d hereunder, the _ount
thet _y be borrowed hereunder st any one t111e, together with the total of
any a1mlar borrowing tbet have not been repaid, shall not, except .,ith the
spprovsl of the Ontario Municipal Baard, excesd 70 per cent of the uncollected
balance of the estiJaBted revenuea of the Corporation, all aa provided in
Section 332 sf The Municipel Act, Chllpter 284, R.S.O. 1970.
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2. The Reeve and the Tressurar, or the persone for the tille being, being
incurbent in thollll officea, ere hereby sutharized to execute on behalf of the
T_sbip of Kincardine a p!'IIIiSSDrY note or note a in the I18Rnsr Bignified in
persgrsph 3 hereof.
3. A praJaiaaory note or notea, signed by the Reeve and the Treaaurer, or the
per_a for thB tiJas bBing acting iR thDSe offices, and IIIIsled .,ith the
seal of tl:le Corporation, far the IllllDUnts fr.. tiJae to tiJae borrOlollld under
the authority hereof, end interest thereon, _y be given to the Royal Bank
of Clmsda ar its representative fr.. tiJae to tilDe aa aecurity for such loans.
The Tressurer is hereby authorized and directed to apply in paytllent of the
..oney borrowlllll aa afore_id, tøgether .,ith the interest thereon, all tÞe
..aniee now or heresfter collected Dr received on account Dr realized in
reapect of tsxea levied for the current year and previous Ylilllrs, and all of
tl'le maaies collected or received fraJa other sourcea excluding the sale of
debenturea, wbich IIIIY be l-rully applied for such pU11 Jalllls.
5. All of the taxes levied or to be levied for the current year and previoua
yeers, and all other revenues of the Corporation .,hich I18Y be lBlllfully
charged for such purpo&e be, and the _e are, hereby charged with repaying
of the _a sa barrowed.
6. The Reeve and Acting Reeve and the Treasurer of the CorporstiDl!l are hereby
8IIthorized to execute an behalf of the Corporation, W1der the Corporate &eal,
and deliver to the Royal Bank of Cansda ar ita rspresentstive an agreeaent
charging the taxes and revenue above cbarged with repeying of the SUla so
borrowed·
Cantinuecl . . . .
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BY-LAIi ØIO. 78-.5
. That By-L8111 77-15, peSBlld by the Council of the Corporation of the
TDlllAship of Kincardine DR the 19th day of SeptlDber 1977, ent! Ued -A By-
L... to sutlHlrize the Reeve and Tressurer of the Corporation of the
Township of Kincardine to borrau certain suas to ..est current expenditures
of the Corporstion for the year 1978, be, arw:l the _e is, hereby repealed.
. That this By-L.... shall cœe into force and take effect on the day of
the final passing thereof.
PASSED in open Council this 10th day of February 1978 as resd a first,
second, snd third time, signed and sealed.
aL
REEVE
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