1991-015 Oro
THE CORPORATION OF THE TOWNSHIP OF ORO
BY-LAW NO. 91-15
BEING A BY-LAW TO AUTHORIZE THE BORROWING OF $800,000.00 FROM
RESERVE FUNDS
WHEREAS pursuant to Section 189 of The Municipal Act, R.S.O. 1980,
Chapter 302, 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 1991, (hereinafter
called "the year");
AND WHEREAS pursuant to the authority of this By-Law the amount 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 estimates adopted for the next
preceding year, not including revenues derivable or derived from th
sale of assets, borrowing or issues of debentures or from surplus
including proceeds from the sale of assets is $7,089,021.58;
AND WHEREAS the amount of the uncollected revenues of the
Corporation for the year based on the estimated revenues for the
next preceding year is $7,089,021.58;
AND WHEREAS 70% of such uncollected revenues less the amount of
similar borrowings which are still unpaid is $4,962,315.11;
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NOW THEREFORE, THE COUNCIL OF THE CORPORATION OF THE TOWNSHIP OF OR~I
HEREBY ENACTS AS FOLLOWS: 11
That the Head and Treasurer are hereby authorized on behalf of II
the Corporation to borrow monies from time to time, by way of Ii
promissory note, from the reserve fund of the Corporation of II
the Township of Oro, necessary to meet, until taxes are I
collected, the current expenditures of the Corporation for the I
year, provided that the amount may be borrowed at anyone time,1
together with the total of any similar borrowings that have no~
been repaid, shall not exceed the sum of Eight Hundred Thousan4
Dollars, and to give on behalf of the Corporation, to the said I
Reserve Fund a Promissory Note or Notes, sealed with the I
Corporation Seal and signed by the Head and Treasurer for the I
monies so borrowed with interest at the prime lending rate, I
less 2 1/2%, which rate shall be as notified by the Toronto i
Dominion 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 I
upon the whole of the revenues of the Corporation for the year!
and for all preceding years as and when such revenues are I
received. I
BY-LAW READ A FIRST AND SECOND TIME THIS 18TH DAY OF FEBRUARY, 1991'1
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BY-LAW READ A THIRD TIME AND FINALLY PASSED THIS 18TH DAY OF
FEBRUARY 1991.
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Re4Ve Robert E. Drury ~
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ORO
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THE CORPORATION OF THE TOWNSHIP OF
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Clerk Robert W. Small
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