HomeMy WebLinkAbout05 017 operating & borrowing
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THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO. 2005 - 017
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET
THE CURRENT EXPENDITURES OF THE MUNICIPALITY OF KINCARDINE
WHEREAS in accordance with Subsection 407 (1) of the Municipal Act, 2001,
S.O. 2001, c. 25 as amended, the municipality considers it necessary to borrow
the amount of one million dollars ($1,000,000), until taxes are collected, to meet
the current expenditures of the municipality for the year 2005;
AND WHEREAS pursuant to Subsection 407(2) of the Municipal Act, 2001, S.O.
2001, c. 25 as amended, the total amount borrowed pursuant to this by-law
together with the total of any similar borrowings is not to exceed the limits set
forth in that subsection;
AND WHEREAS the total amount previously borrowed by the municipality
pursuant to Section 407 that has not been repaid is $nil;
AND WHEREAS in accordance with Subsection 407(6), a municipality may
delegate the power in Subsection 407(1) to the head of council, to the treasurer
or to both of them;
NOW THEREFORE the Council for The Corporation of the Municipality of
Kincardine ENACTS as follows:
1.
The Mayor and Treasurer are hereby authorized on behalf of the
municipality to borrow from time to time by way of promissory note or
banker's acceptance from the Canadian Imperial Bank of Commerce a
sum or sums not exceeding in the aggregate of $1,000,000 to meet, until
taxes are collected, the current expenditures of the municipality for the
year (including the amounts required for the purposes mentioned in
Subsection 407(1) and to give to the Canadian Imperial Bank of
Commerce promissory notes or banker's acceptances, as the case may
be, sealed with the corporate seal of the municipality and signed by the
Mayor and Treasurer for the sums borrowed plus interest at a rate agreed
from time to time with the Canadian Imperial Bank of Commerce.
2.
All sums borrowed pursuant to this by-law, as well as all other sums
borrowed pursuant to the Act in this year and in previous years from the
Canadian Imperial Bank of Commerce for any purpose will, with interest
thereon, be a charge upon the whole of the revenues of the municipality
for the current year and for all preceding years as and when this revenue
is received.
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2005 Current Operating Borrowing By-law
By-law No. 2005 - 017
Page 2 of 2
3.
The Treasurer is hereby authorized and directed to apply in payment of all
sums borrowed plus interest, all of the monies collected or received on
account in respect of taxes levied for the current year and preceding years
or any other source which may lawfully be applied for this purpose.
4. The Treasurer is authorized to fumish, to the Canadian Imperial Bank of
Commerce, a statement showing the nature and amount of the estimated
revenues of the municipality not yet collected and also showing the total of
any amounts borrowed that have not been repaid.
5. This by-law shall come into full force and effect at the time of its passing.
6. This by-law may be cited as the "2005 Current Operating Borrowing By-
law".
READ a FIRST, SECOND and THIRD time and FINALLY PASSED this
26th day of January, 2005.
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Mayor "
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- Clerk