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HomeMy WebLinkAbout79-20 e THE CORroRATION OF THE TOWN OF NEWCASTIE By-Law No. 79-20 Being a by-law to authorize the borrowing of $3,000,000. WHEREAS the Council of the Corporation of the 'Ibwn of Newcastle (hereinafter called the "Municipality") deems it necessary to borrow the sum of $3,000,000 to meet, until the taxes are collected, the current expenditures of the Municipality for the yau'; AND WHEREAS the total amount of the est~ted revenues of the Municipality set forth in the est~tes adopted for the year 1978 is $11,409,187; AND WHEREAS the total of amounts heretofore borrowed for the purposes mentioned in Subsection (1) of Section 332 of The Municipal Act which have not been repaid is Nil; THEREFORE the Council of the 'Ibwn of Newcastle hereby enacts as follows:- . (1) 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 CANADIAN IMPERIAL BANK OF COMMERCE a sl.lm or sums not exceeding in the aggregate $3, 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 332 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 rroneys so borrowed, with interest, at such rate as may be agreed upon from time to time with the Bank. (2) All sums 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 said Bank for any or all of the purposes mentioned in the said Section 332, shall, 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 such revenues are received. (3) The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed as aforesaid, together with interest thereon, all of the rroneys hereafter collected or received either on account or realized in respect of taxes levied for the current year and preceding years or from any other source which may lawfully be applied for such purpose. READ a first and second t:ime this 12th day of March, 1979. e 1979. /~~ J.M. McIlroy Town Clerk ~ '"