1996-059
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
BY-LAW NO. 96- 59
BEING A BY-LAW TO AUTHORIZE BORROWING
WHEREAS pursuant to The Municipal Act, R.S.O., 1990, Chapter M.45,
section 187, as amended, the Council of the Corporation deems it
necessary to borrow monies from time to time such sums to meet,
until the taxes are collected and other revenues are received, the
current expenditures of the corporation for the year;
AND WHEREAS pursuant to The Municipal Act, R.S.O., 1990, Chapter
M.45, section 163, as amended, the monies raised for a reserve fund
may be invested in such securities as set out in The Trustee Act;
AND WHEREAS pursuant to The Trustee Act, R.S.O., 1990, Chapter
T.23, Section 26, as amended, money may be held in bonds,
debentures or other evidences of indebtedness of any municipal
corporation;
AND WHEREAS the amount that may be borrowed at anyone time for the
above purposes, together with the total of any similar borrowings
that have not been repaid, shall not exceed from January 1st to
September 30th of the year, fifty (50) per cent of the total, and
from October 1st to December 31st, twenty-five (25) per cent of the
total of the estimated revenues of the corporation;
AND WHEREAS the total amount of the estimated revenues of the
Corporation as set forth in the estimates adopted for the preceding
year, not including revenues derivable or derived from
(a) borrowings or issues of debentures, (b) surpluses including
arrears of levies, and (c) transfers from the capital fund, reserve
funds, or reserves is $ 20,844,191 (9,153,076 + 1,464,375 +
10,460,106 + 894,992 - 0 - 142,794 - 985,564);
AND WHEREAS twenty-five (25) per cent of the total of the estimated
revenues of the Corporation as set forth in the estimates adopted
for the preceding year is $ 5,211,048;
NOW THEREFORE the Council of The corporation of the Township of
Oro-Medonte hereby enacts as follows:
1. That the Mayor and Treasurer are hereby authorized on behalf
of the Corporation to borrow monies from time to time, by way
of promissory note or bankers' acceptance, from the Toronto
Dominion Bank and the Reserve Funds of the Corporation of the
Township of Oro-Medonte such sums as the Council considers
necessary to meet, until the taxes are collected and other
revenues are received, the current expenditures of the
Corporation for the year, including the amounts required for
school purposes and county purposes;
2. That the amount that may be borrowed at anyone time for the
above purposes, together with the total of any similar
borrowings that have not been repaid, shall not exceed from
January 1st to September 30th of the year $ 1,000,000 and from
October 1st to December 31st of the year $ 1,000,000; and,
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3. That this by-law shall come into full force and take effect on
its final passing thereof.
BY-LAW READ A FIRST AND SECOND TIME THIS 5th DAY OF JUNE, 1996.
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 5th DAY OF JUNE,
1996.
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR IAN BE D
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CLE LYNDA AIKEN