1994-046 To authorize the borrowing of $3,000,000.00 from Reserve Funds
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BY-LAW NO. 94-46
Municipal Corporation of the Township of Oro-Medonte
A BY-LAW to authorize the borrowing of $3,000,000.00 from Reserve
Funds.
WHEREAS pursuant to The Municipal Act R.S.O. 1990 Chap.
M.45, 187, as amended, the Council of the Corporation deems it
necessary to borrow monies from time to time to meet, until the
taxes are collected, the current expenditures for the year 1994
(hereinafter called "the year").
AND WHEREAS pursuant to the authority of this by-law the
amount that may be borrowed at anyone time shall be as follows for
the period from January 1st, to September 30th of the year, 50% of
the total estimated revenue of the Corporation, as set forth in the
estimates adopted for the year, and for the period from October 1st
to December 31st of the year, 25% of the total estimated revenue of
the corporation as set forth in the estimates adopted for the year.
AND WHEREAS the total amount of the estimated revenues of the
Corporation as set forth in the estimated adopted for the year, not
including revenues derivable or derived from the borrowings or
issues of debentures or from surplus including arrears of levies or
from the transfer from the capital fund, reserve fund or reserves,
is $16,051,064.00
AND WHEREAS 25% of estimated revenues, less the amount of
revenue derived from,
(1) borrowing or issuing of debentures;
(2) a surplus, including arrears of levies;
(3) transfer from the capital fund, reserve funds or reserves, is
$4,012,766.00.
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, from the Reserve Fund of The Corporation
of the Township of Oro-Medonte, necessary to meet, until the
taxes are collected, the current expenditures of the
Corporation for the year, provided that the amount that may be
borrowed at anyone time, together with the total of any
similar borrowings that have not been re-paid, shall not
exceed the sum of Three Million Dollars and to give, on behalf
of the Corporation, to the said Reserve Fund a promissory note
or notes, sealed with the corporate seal and signed by the
Mayor and Treasurer for the monies so borrowed with interest
at the Bank I s prime interest rate which rate shall be as
notified by the Bank to the Treasurer from time to time.
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2.
All sums borrowed pursuant to the authority of this By-Law as
well as all other sums borrowed in the year and all preceding
years from the said Reserve Fund to meet current expenditures
of the Corporation shall, with interest thereon, be a charge
upon the whole of the revenues of the Corporation for the year
and for all preceding years as and when such revenues are
received.
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 10th DAY OF JANUARY, 1994
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS lOth DAY OF
JANUARY, 1994
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
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MAYOR/OBERT E. DRURY'
/JJ / ./ A':A 0/ . \.~[i< />1. .rY~
CLEftK DARLENE SHOEBRIDGE
I hereby certify that the foregoing is a true copy of By-Law No.
of the Corporation of the Township of Oro-Medonte, in the Province
of Ontario, duly passed at a meeting of Council of the said
Corporation duly held, and that the said By-Law is in full force
and effect.
DATED this
day of January, 1994.
As witness the Seal
of the Corporation
Clerk Darlene Shoebridge
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