HomeMy WebLinkAbout03 005 operating borrowing
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THE CORPORATION OF THE MUNICIPALITY OF KINctINE
KBT
BY-LAW
NO. 2003· 05
A BY-LAW TO AUTHORIZE THE BORROWING OF MONE'If TO MEET THE
CURRENT EXPENDITURES OF THE CORPORATION OF TH~ MUNICIPALITY
OF KINCARDINE. I
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WHEREAS in accordance with Subsection 407 (1) of the M;iciPal Act, 2001,
5.0. 2001, c. 25 as amended, the municipality considers it ne essary to borrow
the amount of one million dollars ($1,000,000) to meet, until t xes are collected,
the current expenditures of the municipality for the year 2003; I
AND WHEREAS pursuant to Subsection 407(2) of the Municitl Act, 2001, 5.0.
2001, c. 25 as amended, the total amount borrowed pursu nt to this by-law
together with the total of any similar borrowings is not to ex eed the limits set
forth in that subsection; !
AND WHEREAS the total amount previously borrowed bJ the municipality
pursuant to Section 407 that has not been repaid is $nil; !
NOW THEREFORE the Council for The Corporation
Kincardine ENACTS as follows:
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Municipality of
1.
The mayor and treasurer are hereby authorized n behalf of the
municipality to borrow from time to time by way of p missory note or
banker's acceptance from the Canadian Imperial Ban 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 unicipality for the
year (including the amounts required for the purpo es mentioned in
subsection 407 of the Municipal Act and to give to the anadian Imperial
Bank of Commerce promissory notes or banker's ac eptances, as the
case may be, sealed with the corporate seal of the muni ipality and signed
by the mayor and treasurer for the sums borrowed plu interest at a rate
agreed from time to time with the Canadian Imperial Sa k of Commerce.
2.
All sums borrowed pursuant to this by-law, as well s all other sums
borrowed pursuant to the Act in this year and in previ us years from the
Canadian Imperial Bank of Commerce for any purpos will, with interest
thereon, be a charge upon the whole of the revenues f the municipality
for the current year and for all preceding years as and hen this revenue
is received. !
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The treasurer is hereby authorized and directed to appl in payment of all
sums borrowed plus interest, all of the moneys colle d or received on
account in respect of taxes levied for the current year a d preceding years
or any other source which may lawfully be applied for thi purpose.
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By-law No. 2003 - 05
2003 Current Operating Borrowing By-Law
Page 2 of 2
The treasurer is authorized to fumish, to the Canadian Imperial Bank of
Commerce, a statement showing the nature and amount f the estimated
revenues of the municipality not yet collected and also sh wing the total of
any amounts borrowed that have not been repaid.
This by-law shall come into full force and effect at the timelof its passing.
This by-law may be cited as the "2003 Current Operating 'OrrOWing
By-law·. !
READ a FIRST, SECOND and THIRD time and FINALLY PASS~D this
8th day of January, 2003. r
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