HomeMy WebLinkAboutBy-law No. 1999-094 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY-LAW NO.99-94
A by-law authorizing the borrowing of money by way of temporary advances
to meet expenditures made in connection with a certain project.
WHEREAS by By-law No. 99-93 of the Corporation of the Municipality of Bayham(the
"Municipality")authorized the construction of sewage works in Eden, Straffordville, and Vienna
(the"Project") at an estimated cost of$19,383,500;
THEREFORE,the Council of the Municipality of Bayham enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
borrow by way of temporary advances from time to time from CANADIAN IMPERIAL
BANK OF COMMERCE("CIBC")a sum or sums not exceeding in the aggregate
$2,000,000 to meet expenditures made in connection with the Project and to give on
behalf of the Municipality to CIBC a promissory note or notes sealed with the corporate
seal and signed by the Head and Treasurer for the moneys so borrowed plus interest at
such rate and for such term as may be agreed upon from time to time with CIBC;
2. All sums borrowed under this By-law, as well as all other sums borrowed in this year and
in previous years from CIBC for any or all of the purposes mentioned in the Ontario
Municipal Act, plus interest, shall be charged upon the whole of the revenues of the
Municipality for the current 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 pursuant to this By-law, plus interest, all of the moneys hereafter collected or
received either on account or realized in respect of taxes levied for the current year and
preceding years from any other source which may lawfully be applied for such purpose;
4. The Treasurer is hereby authorized and directed to furnish to CIBC a certified copy of
this Order.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 2ND DAY OF
DECEMBER 1999.
J14--117T-1-t
Mayor
Clerk
I hereby certify that the foregoing is a true and complete copy of the By-law numbered above of
the Municipality of Bayham in the Province of Ontario, duly passed at a meeting of the Council
of the Municipality of Bayham and that this By-law is in full force and effect.
Dated this day of , 19
Witness the corporate seal
Clerk