1995-107 To Authorize the borrowing of $4,000,000.00 from Reserve Funds
II
I
BY-LAW NO. 95-107
Municipal Corporation of the Township of Oro-Medonte
A BY-LAW to authorize the borrowing of $4,000,000.00 from Reserve
Funds.
~
I
I
I
,
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 the amount that may be borrowed at anyone time,
together with the total of any similar borrowings that have not
been repaid, shall not exceed seventy (70) percent of the
uncollected balances of the estimated reveues of the corporation as
set forth in the estimates adopted for the year.
2.
AND WHEREAS the total amount of the estimated revenues of the
corporation as set forth in the estimates 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 $20,844,191 ($21,972,549 - 985,564 - 142,794).
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 Four 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's prime interest rate which rate shall be as
notified by the Bank to the Treasurer from time to time.
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.
II
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 6th DAY OF DECEMBER, 1995
)(\
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 20th DAY OF
DECEMBER, 1995
"
"
..
II
'I
II
!i
Ii
II
il
il
II
"
II
"
:i
Ii
II
"
"
II
II
Ii
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
,
I
// . I
t.. {. ~ /ff~/"I"I;~Af/
MAYOR IAN BEARD
",/ '/1," /
/C/--f~M-4~~" ,.<<::"A~
DEPlJI'Y CLERK LYNDA AIKEN
BY-LAW NO. 95-107
Municipal Corporation of the Township of Oro-Medonte
A BY-LAW to authorize the borrowing of $4,000,000.00 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 the amount that may be borrowed at anyone time,
together with the total of any similar borrowings that have not
been repaid, shall not exceed seventy (70) percent of the
uncollected balances of the estimated reveues 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 estimates 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 $20,844,191 ($21,972,549 - 985,564 - 142,794).
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 Four 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.
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 6th DAY OF DECEMBER, 1995
BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 20
DECEMBER, 1995
DAY OF
THE CORPORATION OF THE TOWNSHIP OF ORO-MEDONTE
1
fY? k?, ),
~ ,/ J~ /,J, e".~ . .
MAYOR IAN BEARD
." "
.L ~~P''l"""~,>(;,,,,,,,,",,,,,,
,
., /
~ /'-c~
DEPUTY CLERK LYNDA AIKEN