HomeMy WebLinkAbout18 081 Repeal of By-law 2009-038 bruce telecom line of credit/overdraft protection by-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
NOF
"'Nay OF OOP
BY-LAW
NO. 2018 - 081
BEING A BY-LAW TO REPEAL BY-LAW NO. 2009 - 038; BEING A BY-LAW
TO AUTHORIZE A LINE OF CREDIT/OVERDRAFT PROTECTION FOR
BRUCE TELECOM
WHEREAS Section 401 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides that subject to this or any other Act, a municipality may incur
a debt for municipal purposes, whether by borrowing money or in any other way,
• and may issue debentures and prescribed financial instruments and enter
prescribed financial agreements for or in relation to the debt;
AND WHEREAS The Corporation of the Municipality of Kincardine passed By-
law No. 2006 - 266 to establish a municipal service board, known as "Bruce
Telecom", to assume control and management of the telecommunications
services operations owned by the Municipality;
AND WHEREAS The Corporation of the Municipality of Kincardine passed By-
law No. 2009 - 038 to provide a line of credit/overdraft protection for Bruce
Telecom;
AND WHEREAS By-law No. 2017 - 164 approved the conversion of Bruce
Telecom from a municipal service board to a municipal services corporation
structure;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
•
1. That By-law No. 2009 - 038 by hereby repealed.
2. This by-law shall come into full force and effect upon its final passage.
3. This By-law may be cited as the "Repeal of By-law No. 2009 - 038, the
Bruce Telecom Line of Credit/Overdraft Protection By-law"
READ a FIRST and SECOND TIME this 13th day of June, 2018.
READ a THIRD TIME and FINALLY PASSED this 13th day of June, 2018.
Mayor Clerk
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