HomeMy WebLinkAboutTWP 77 006 Borrowing By-law
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Form 348 (11-71)
ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY -LAW
77-06
WHEREAS the Council of the Corporation of the Township
of Kincardine "'J
(herein called "the Corporation") deems it necessary to borrow the sum of $ 300,000.00 to meet,
until the taxes are collected, the current expenditures of the Corporation for the year;
·AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in
the estimates adopted for the year 1977, is $ 490,000.00 ;
AND WHEREAS the total amount heretofore authorized to be borrowed this year for the pur·
poses mentioned in Section 332 of the Municipal Act is $ 343,000.00, of which the Corporation
has already borrowed a total of $ nil :
THEREFORE THE COUNCIL OF THE CORPORATION hereby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to borrow from time
to time during the year in accordance with the provisions of the said Section 332 by way of promissory
note from Royal Bank of Canada (herein called "the Bank") a sum or sums not exceeding
in the aggregate hereunder
Dollars ($ 343, OOO} OOmeet, until the taxes are collected, the current
expenditures of the Corporation for the year, including the amounts required for the purposes men-
tioned in the said Section 332, and to give on behalf of the Corporation to the Bank a promissory note
or notes sealed with the corporate seal and signed by the Head and Treasurer for the moneys so borrowed
with interest (which may be paid in advance or otherwise) at the prevailing rate from time to time of
the bank.
2. All or any sums borrowed pursuant to the authority of this By-law as well as all other sums
borrowed in this year and any previous years from the Bank for any or all of the purposes mentioned in
the said Section 332 shall, with interest thereon, be a charge upon the whole or any part or parts of the
revenues of the Corporation for the current year and for all preceding years, as and when such revenues
are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all or any sums borrowed
as aforesaid, together with interest thereon, all or any of the moneys hereafter collected or received,
either on account of or realized in respect of the taxes levied for the current year and preceding years
or from any other source, which may lawfully be applied for such purpose.
4. The Treasurer is hereby authorized and directed to furnish the Bank at the time of each borrowing
with a statement showing as at that date the nature and amount of the estimated revenues for the current
year where the estimated revenues have been adopted for the current year, or of the estimated revenues
for the previous year where the estimated revenues have not been adopted for the current year; the
nature and amount of the uncollected balance of the estimated revenues; the aggregate of borrowinp
made in the year under the provisions of the said Section 332; and the total of any borrowings made In
the year under the said Section 332 which have not been repaid.
5. The Bank shall be entitled to rely as to the authority of any borrowing on a copy of this By-law
certified by the Clerk and on the statements furnished to the Bank from time to time by the Treasurer
pursuant to paragraph 4 of this By-law.
6. This By-law shall remain in full force and be binding on the Corporation as against the Bank,
until a copy, certified by the Clerk under the corporate seal, of a By-law repealing or replacing this
By-law, shall have been received by the Bank and duly acknowledged by it in writing.
PASSED this 7th day of March 1977.
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i~rate.Seàf) ~ /?;2Ûj~A ~~/7'7~./
/- ~~ CÍerk
-. '. We lÍèreby ëertify that the foregoing is a true copy of a By-law of the above-mentioned Corpo-
rãtiob. duly-pasøed ät a meeting of the Council of the said Corporation duly held, and that the said
By-law .ja..iø-'~ force and effect.
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,,>'. GîVJt.n ';¡.~ur hands and seal of the Corporation this
~.~' Mai~' 1977.
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