HomeMy WebLinkAbout89-22
THE CORPORATION OF THE '!'OWN OF NEWCASTLE
BY-LAW 89-22
being a by-law to authorize the borrowing of
$10,000,000 to meet, until the taxes are collected,
the current expenditures of the municipality for
the year 1989
WHEREAS under Section 189 of the Municipal Act, the Municipality is
empowered to borrow for current expenditures at anyone time up to 70
per cent of the estimated revenues;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF NBWCASTLE
HEREBY ENACTS AS FOLLOWS:
1. THAT the Head and the Treasurer are hereby authorized on behalf of
the municipality to borrow from time to time by way of promissory note,
from the Bank of Nova Scotia (hereinafter called the "Bank"), a
surn or sums not exceeding in the aggregate $10,000,000 to meet
until the taxes are collected the current expenditures of the
municipality for the year, including the amounts required for the
purposes mentioned in Subsection (1) of Section 189 of the
Municipal Act, and to give on behalf of the Municipality 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 at such rate as may be agreed upon from time to time with
the Bank.
2. THAT all surns borrowed pursuant to the authority of this by-law,
as well as all other sums borrowed in this year and in previous
years from the Bank for any or all of the purposes mentioned in
the said Section 189, shall, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current
year and for all preceeding years as and when such revenues are
received.
3. THAT the Treasurer is hereby authorized and directed to apply in
payment of all sums borrowed as aforesaid, together with interest
thereon, all of the moneys hereafter collected or received either
on account or realized in respect of taxes levied for the current
year and preceeding years or from any other source which may
lawfully be applied for such purpose.
4. THAT the Treasurer is hereby authorized to furnish to the Bank 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 under Section 189 of the Municipal Act
that have not been repaid.
By-law read a first and second time this 30th day of January 1989
By-law read a third time and finally passed this 30th day of January 1989
Mayor