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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 . yor er