HomeMy WebLinkAbout99-5 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW NUMBER 99-5
Being a by-law to authorize the borrowing of
$15, 000, 000 to meet, until the taxes are
collected, the current expenditures of the
Municipality for the year 1999.
WHEREAS under Section 187 of the Municipal Act, R.S.O. 1990,
Chapter M.45 the Municipality is empowered to borrow for current
expenditures at any one time up to 70 per cent of the estimated
revenues;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY
OF CLARINGTON 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 Toronto-Dominion Bank .
hereinafter called the "Bank") , a sum or sums not exceeding
in the aggregate $15, 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 187 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 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 Bank for any or all
of the purposes mentioned in the said Section 187,
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 . 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 preceding 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 187 of the Municipal Act that
have not been repaid.
By-law read a first time this 11th day of January, 1999 .
By-law read a second time this 11th day of January, 1999.
By-law read a third and final time this 11th day of January,
1999 .
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