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HomeMy WebLinkAboutTWP 77 015 Borrowing By-law ". --~ · . ~ . 7'i - BY__LAW NO. 7 ? - /.5"' . · By-Law to authorize the Reeve and Treasurer of the Corporation of e Township of Kincardine to borrow certain sums to meet current ")5 penditures of the Corporation for the year 1977. WHEREAS the Council of the Corporation of the Township of ncardine deems it necessary to borrow monies to meet the current penditures of the Corporation for the year 1977 pending the collection current revenues; ,. AND WHEREAS under section 332 of the Municipal Act, Chapter 284, .3.0. 1970, the Corporation is empowered to borrow for current purposes to 70% of the uncollected balance of ~he estimated revenues of the rporation as set forth in the estimates adopted for the year; AND \~REAS pending adoption of the ourrent estimates the limitation pon borrowing is temporarily calculated upon the estimated revenues of e Corporation, as set forth in the estimate adopted for the next pre__ eding year; EE IT THEREFORE ENACTED by the Municipal Council of the Corporation f the Township of Kincardine, as follows: · That the Reeve or Acting Reeve and the Treasurer of the Corporation e hereby authorized to borrow from time to time from the Royal Bank of anada or other person or persons, by way of promissory notes and at such ate or rates of interest as they may approve, sums not to exceed ~l~~.ð~ t anyone time outstanding and unpaid, to meet until the taxes are ollected, the current expenditures of the Corporation for the year 1977, rovided that notwithstanding the sums authorized to be borrowed hereunder~ he amouht that may be borrowed hereunder at any one time, together with he total of any similar borrowing that have not been repaid, shall not, xcept with the approval of the Ontario Municipal Board, exceed 70 per cent f the uncollected balance of the estimated revenues of the Corporation, 1 as provided in Section 332 of The Municipal Act. Chapter 284, R.S.0.1970 · The Reeve and the Treasurer, or the persons for the time being, eing incumbent in those offices, are hereby authorized to execute on ehalf of the Township of Kincardine a promissory note or notes in the anner signified in paragraph 3 hereof. · A promissory note or notes, signed by the Reeve and the Treasurer r the persons for the time being acting in those offices, and sealed with he seal of the Corporation, for the amounts from time to time borrowed der the authority hereof, and interst thereon, may be given to the Royal of Canaia or its representative from time to time as security for uch loans. · The Treasurer is hereby authorized and directed to apply in payment f the money borrowed as aforesaid, together with the interest thereon, 11 the monies now or hereafter collected or received on account or ealized in respect of taxes levied for the current year and previous ears, and all of the monies collected or received from other sources ex- 1uding the sale of debentures, which may be lawfully applied for such urposes. · All of the taKes levied or to be levied revious years, and all other revenues of the awfully charged for such purpose be, and the ith repaying of the sums so borrowed. · The Reeve and Acting Reeve and the Treasurer of the Corporation are ereby authorized to execute on behalf of the Corporation, under the orporate seal, and deliver to the Royal Bank of Canada or its represen- ative an agreement charging the taxes and revenue above charged with repay- ng of the sums so borrowed for the current year and Corporation which may be same are, hereby charged " continued...... ",;- \ r- , · · · · .> .~ . . age # 2 By-Law No. J1,-/5 í 1 - I ., ~ ~ "-,/" 0" " . . That By-Law 77-06, passed by the Council ~the Corporation of he Township of Kincardine on the 7th day of M~h 1977, entitled "A By- aw to authorize the Reeve and Treasurer of the Corporation of the owns hip of Kincardine to borrow certaij1 sums to meet current expenditures f the Corporation for the year 1977, be, and the same is, hereby re- ealed. . ~at this By-Law shall come into force and take effect on the day f the final passing thereof. PASSED in open Council this /9r day of September 1977 s read a first, second, and third time, signed and sealed. L~ ,JJ;;_UhU/ jJ "dJ /Y1:th~ Clerk-Treasurer ": . . ",y<'~. ..