1992-001 Oro
BY-LAW NO. 92-1
Municipal Corporation of the Township of Oro
A BY-LAW to authorize the borrowing of $800,000.00
WHEREAS pursuant to Section 189 of The Municipal Act 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 1992
(hereinafter called "the year").
AND WHEREAS pursuant to the authority of this by-law 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 the sum of $800,000.00
AND WHEREAS the total amount of the estimated revenues of the corporation
as set forth in the estimated adopted for the (next preceding) year, not
including revenues derivable or derived from the sale of assets, borrowings or
issues of debentures or from surplus including proceeds from the sale of assets
is $8,325,547.68
AND WHEREAS the amount of uncollected revenues of the Corporation for the
year based on the estimated revenues for the (next preceding) year is
$8,325,547.68
AND WHEREAS 70% of such uncollected revenues, less the amount of similar
borrowings which are still unpaid, is $5,827,883.38
THEREFORE the Council of the Corporation of the Township of Oro hereby
enacts as follows:
1. That the Head and Treasurer are hereby authorized on behalf of the
Corporation to borrow monies from time to time, by way of promissory note,
from The Toronto-Dominion Bank, 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 a~ anyone time, together
with the total of any similar borrowings that have not been re-paid, shall
not exceed the sum of Eight Hundred Thousand Dollars and to give, on
behalf of the Corporation, to the said Bank a promissory note or notes,
sealed with the corporate seal and signed by the head 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.
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
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. The Treasurer is hereby authorized and directed to apply in payment of 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.
FINALLY PASSED THIS 6TH DAY OF JANUARY
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CORP.
SEAL
~~( ~L7h<dO'/'
~e~~ Darlene Shoebridge ~
I hereby certify that the foregoing is a true copy of By-Law 92- I of the
Corporation of the Township of Oro in the Province of Ontario, duly passed at a
meeting of the Council of the said corporation duly held, and that the said By-
Law is in full force and effect.
DATED this 6th day of January, 1992.
As Witness the Seal
of the Corporation
r#:;J<eUP4~~~
.r. lerk, Darlene S oebridge
OORP .
SEAL
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