HomeMy WebLinkAboutTR-78-82 CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
L1C3A6 TELEPHONE 623-3379
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING
HELD DECEMBER 13, 1982.
TR-78-82
SUBJECT: 1983 BORROWING BY-LAW
RECOMMENDATION:
It is respectfully recommended:
1 . That this report be received; and
2. That Council approve the attached By-Law authorizing
borrowings up to $4,000,000.00 by the Town of Newcastle.
BACKGROUND AND COMMENT:
Since we will not be collecting interim tax bills until February 1983, there
will bea requirement to borrow funds from our reserve funds to cover the 1983
operating expenses of the Town. To that end we require a borrowing by-law
to be passed by Council . It authorizes borrowings up to $4,000,000.00.
Respectfully submitted,
Kathryn A. Campbell , C.A. , B.Comm. ,
Treasurer
KAC:gf
Att: 1
R82-BBL-1
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...............
BY-LAW No. 827,18.3
to authorize the borrowing of$ 4,000,000.00
o*4
Whereas the Council of the Corporation of the Town of Newcastle
(hereinafter called the "Municipality") deems•it necessary to borrow the sum
of to meet, until the taxes are collected, the current
eNpellditLH-CS Of the Municipality for the year of 1983.
And Whereas the total amount of the estimated revenues Of the
ality as set forth in the estimates adopted for the year 19 82 , is
unicip,
19,508,694.
And Whereas the total of amounts heretofore borrowed for the purposes
mentioned in subsection (1) of Section 189 of The Municipal Act which have
not been repaid is S NIL
Therefore the Council of the Town of Newcastle
hereby enacts as follows:
1. The [lead 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
Or COMMERCr-, a sum or sums not exceeding in the aggregate $ 4,000,000.00
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 189of the Municipal Act, and to give on behalf of t_e Municipality
to the Bank a promissory note or notes scaled 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. 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 18� 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.
fl
Passed this 20th day of December 19 82
G.B. Rickard
................ ..........................................................
THU HEAD OF THE MUNICIPALITY
SEAL
DJI. Oakes
...................................... ................R.......
CLEK
I -el)y
'el Certify that the foregoing is I true COI)y of By-1,11%,
No, 8 2-183 of the TOINN of NENCASTLE
in the Province of Ontario, duly passed at a meeting of the Council of the said
Municipality duly held, and that the said By-law is in full force all(' effect.
Dated This day of 19
As Witness the Seat of The Corporation of
the TOWN of NE41CASTLE
SEAL
...................................................................................... ............
CLERK