HomeMy WebLinkAbout21 004 2021 Current Operating Borrowing By-law
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
BY-LAW
NO. 2021 - 004
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF MONEY TO MEET
CURRENT EXPENDITURES OF THE COUNCIL OF THE CORPORATION OF
THE MUNICIPALITY OF KINCARDINE
WHEREAS Section 407(1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides that a municipality may authorize temporary borrowing, until
taxes are collected and other revenues are received, of the amount council
considers necessary to meet the current expenditures of the municipality for the
year;
AND WHEREAS pursuant to the said Municipal Act, 2001 Section 407(2)
provides that, except with the approval of the Ontario Municipal Board, the total
amount borrowed at any one time, plus any outstanding amounts of principal
borrowed and accrued interest, shall not exceed the limits set forth in that section
or other relevant sections of the act;
AND WHEREAS the Council of The Corporation of the Municipality of Kincardine
deems it necessary to authorize borrowing in the amount of three million dollars
($3,000,000.00) to meet, until taxes are collected and other revenues are
received, the current expenditures of the Municipality for the year;
AND WHEREAS pursuant to the said Municipal Act, 2001 Section23(1)
authorizes a municipality to delegate its powers and duties under this or any other
Act to a person or body subject to the restriction set out in the Act;
AND WHEREAS the Council ofThe Corporation of the Municipality of Kincardine
deems it advisable to delegate the power in Section 407 (1) of the said Municipal
Act to the Mayor and Treasurer of the Municipality;
NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. The Mayor and the Treasurer are authorized on behalf of the Municipality
to borrow from time to time from the Canadian Imperial Bank of Commerce
V2312W! < NPH JM NPHN IJO @S>@@?DIB DI OC@ <ggregate three million
dollars ($3,000,000.00) to meet, until taxes are collected, the current
expenditures of the Municipality for the year pursuant to Section 407(1) of
the said Municipal Act, and toexecute any documents that are required in
connection with the borrowing of the above sum, plus interest, at a rate to
be agreed upon from time to time with CIBC, in addition to any reasonable
charges of CIBC associated with this borrowing.
/2
Page 2
2021 Current Operating Borrowing By-law
By-law No. 2021- 004
2. All sums borrowed pursuant to this by-law, as well as all other sums
borrowed pursuant to the said Municipal Act in this year and in previous
years from CIBC for any purpose will, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current year and
for all preceding years as and when this revenue is received.
3. The Treasurer is authorized and directed to apply in payment of all sums
borrowed plus interest, all of the moneys collected or received on account
in respect of taxes levied for the current year and preceding years or from
any other source which may lawfully be applied for this purpose.
4. The Treasurer is authorized to furnish to CIBC a statement showing the
nature and amount of the estimated revenues of the Municipality not yet
collected and also showing the total of any amounts borrowed that have
not been repaid.
5. This by-law shall come into full force and effect at the time of its passing.
6. This by-G<R H<T =@ >DO@? <N OC@ V2021 Current Operating Borrowing
By-G<RW$
th
READ a FIRST and SECOND TIME this 11 day of January, 2021.
th
READ a THIRD TIME and FINALLY PASSED this 11 day of January, 2021.
Kfoojgfs!Mbxsjf
Nbzps!Fbejf
Tjhofe!xjui!DpotjhoP!Dmpve!)3132012024*
Tjhofe!xjui!DpotjhoP!Dmpve!)3132012024*
Wfsjgz!xjui!DpotjhoP!ps!Bepcf!Sfbefs/
Wfsjgz!xjui!DpotjhoP!ps!Bepcf!Sfbefs/
MayorClerk