HomeMy WebLinkAbout78-4
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THE CORPORATION OF THE
TOWN OF NEWCASTLE
By-Law No. 78-4
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Being a by-law to authorize the borrowing of $3,000,000.
WHEREAS the Council of the Corporation of the Town 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 year;
AND WHEREAS the total amount of the estimated revenues of the Municipality
set forth in the estimates adopted for the year 1977 is $10,654,246;
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 To\~ 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 CO~~RCE a sum o~ 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 moneys so borrowed, with interest
atsuch.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 moneys 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
READ a third time and finally passed
J .M. McIlro
Town Clerk
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