1992-092 Oro
BY-LAW NO. 92-92
THE CORPORATION OF THE TOWNSHIP OF ORO
BEING A BY-LAW to authorize the borrowing of $1,500,000.00
WHEREAS pursuant to The Municipal Act R.S.O. 1990 Chap. M.45, 187, as amended, th
Council of the Corporation deems it necessary to borrow monies from time to time t
meet, until the taxes are collected, the current expenditures for the year 199
(hereinafter called "the year").
AND WHEREAS pursuant to the authority of this by-law the amount that may be borrowe
at anyone time shall be as follows for the period from January 1st, to Septembe
30th of the year, 50% of the total estimated revenue of the Corporation, as se
forth in the estimates adopted for the year, and for the period from October 1st t
December 31st of the year, 25% of the total estimated revenue of the Corporation a
set forth in the estimates adopted for the year.
AND WHEREAS the total amount of the estimated revenues of the Corporation as se
forth in the estimates adopted for the year, not including revenues derivable 0
derived from the borrowings or issues of debentures or from surplus includin
arrears of levies or from the transfer from the capital fund, reserve fund 0
reserves, is $11,432,266.00.
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 $2,858,066.50.
NOW THEREFORE, Be It Resolved that the Council of the Corporation of the Townshi
of Oro hereby enacts as follows:
1. That the Reeve and Treasurer are hereby authorized on behalf of th
Corporation to borrow monies from time to time, by way of promissory note,
from The Toronto-Dominion Bank, necessary to meet, until the taxes ar
collected, the current expenditures of the Corporation for the year, provide
that the amount that may be borrowed at anyone time, together with the tota
of any similar borrowings that have not been repaid, shall not exceed
the sum of One Million, Five Hundred Thousand Dollars, and to give on behal
of the Corporation, to the said Bank a promissory note or notes, sealed wit
the corporate seal and signed by the Reeve and Treasurer for the monies s
borrowed with interest at the Bank's prime interest rate which rate shall b
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 Bank t
meet current expenditures of the Corporation shall, with interest thereon, b
a charge upon the whole of the revenues of the Corporation for the year an
for all preceding years as and when such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment to all
sums borrowed as aforesaid, together with interest thereon, all of the monies
hereafter collected or received either on account or realized in respect of
the taxes levied for the year and preceding years, or from any other source,
which may lawfully be applied for such purpose.
4. That By-Law No. 92-1 is hereby repealed.
5. 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 2ND DAY OF DECEMBER 1992
BY-LAW READ A THIRD TIME AND FINALLY PASSED
DEPt1rY REEVE DAVID CALI:MELL
LflA /< A ,/ < ~,>zd-""'a-<
ERK DARLENE SHOEBRIDGE
CORP.
SEAL
I certify that the foregoing is a true copy of By-Law No. 92-92 of the
of the Township of Oro, in the Province of Ontario, duly passed at a
of Council of the said Corporation duly held, and that the said By-Law is
in force and effect.
this 3rd day of December, 1992.
Witness the Seal
the Corporation