THE CORPORATION OF
THE VILLAGE OF MONTROSE
BYLAW
#544
A BYLAW TO AUTHORIZE
THE TEMPORARY BORROWING PENDING THE SALE OF DEBENTURES.
WHEREAS it is provided in section
460 of the Municipal Act that where
the Council has adopted a Loan Authorization Bylaw, without further assents or
approvals pending the sale of debentures, borrow temporarily from any person
under the conditions therein set out;
AND WHEREAS the Council has adopted
Bylaw #540 cited as 1999 Sewer &
Water Loan Authorization Bylaw, empowering the Council to borrow upon the credit of the
Village a sum not to exceed $300,000.00 for the purpose of constructing water
and sewer infrastructure improvements.
NOW THEREFORE the Council of the
Village of Montrose in open meeting assembled ENACTS AS FOLLOWS:
SHORT
TITLE
1. (1) This
Bylaw may be cited as the "1999 Sewer & Water Temporary Borrowing Bylaw."
BORROWING
AUTHORITY
2. (1) The
Council is hereby authorized and empowered to borrow an amount or amounts not
exceeding the sum of $300,000.00 as the same may be required, at an interest
rate not to exceed the minimum lending rate.
(2) The
form of obligation to be given as acknowledgment of the liability shall be as
required by the Municipal Act and the
lending agency.
(3) The
monies so borrowed shall be used solely for the purposes set out in Bylaw #540.
(4) The
proceeds from the sale of the debentures, or so much thereof as may be
necessary, shall be used to repay the money so borrowed.
ENACTMENT
3. (1) If
any section, subsection, sentence, clause or phrase of this Bylaw is for any
reason held to be invalid by the decision of any court of competent
jurisdiction, the invalid portion shall be severed and the part that is invalid
shall not affect the validity of the remainder.
(2) This
Bylaw shall come into full force and effect on the final adoption thereof.
READ A FIRST TIME this
27th day of April, 1999
READ A SECOND TIME this
27th day of April, 1999
READ A THIRD TIME this
27th day of April, 1999
RECONSIDERED AND
FINALLY ADOPTED this
4th day of May, 1999
______________________________ ______________________________
Mayor City
Clerk
Certified a true
copy of Bylaw 544 as adopted
_______________________________________
André Carrel,
Village Clerk