CITY OF REVELSTOKE
BYLAW No. 1903
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Being a Bylaw to Provide for the Borrowing of Such Sums of Money as may be Requisite to Meet the Current Lawful Expenditures of the Municipality.
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WHEREAS pursuant to Section 177 of the Community Charter, the Council of the Municipality is empowered by Bylaw to provide for the borrowing of such sums of money as may by requisite to meet the current lawful expenditures of the Municipality, such borrowing not to exceed in the aggregate:
1. Seventy-five percentum of the taxes levied for all purposes in the preceding year, and the whole amount of any sums of money remaining due from other governments.
AND WHEREAS the aggregate that the Council may presently borrow calculated in accordance with (1), seventy-five percentum of the taxes levied for all purposes in the preceding year and the whole amount of sums of money remaining due from other governments is $8,079,450.
AND WHEREAS to meet the current lawful expenditures of the Municipality it is requisite that the Council borrow the sum of Eight Million Seventy Nine Thousand and Four Hundred Fifty dollars ($8,079,450).
NOW THEREFORE, the Council of the City of Revelstoke in open meeting assembled enacts as follows:
1. It shall be lawful for the Council of the City of Revelstoke to borrow upon the credit of the Municipality the sum of Eight Million Seventy Nine Thousand and Four Hundred and Fifty dollars ($8,079,450) in such amounts and at such times as the same may be required and to pay interest thereon at a rate not exceeding prime lending rate.
2. All monies so borrowed and interest payable thereon shall be payable on or before the 31st day of July, 2008.
3. The form of obligation or obligations to be given as an acknowledgement of the Liability shall be a Credit Agreement bearing the Corporate Seal and signed by the Mayor and Director of Finance.
4. There is hereby set aside as security for the liability hereby authorized to be incurred: Eight Million Seventy Nine Thousand and Four Hundred and Fifty dollars ($8,079,450) being part of the taxes for the current year deemed by the Council expedient to be set aside.
5. This Bylaw may be cited for all purposes as the “Revenue Anticipation Borrowing Bylaw No. 1903”.
6. This Bylaw shall take effect upon the adoption thereof.
READ A FIRST TIME THIS 11th DAY OF FEBRUARY, 2008
READ A SECOND TIME THIS 11th DAY OF FEBRUARY, 2008
READ A THIRD TIME THIS 11th DAY OF FEBRUARY, 2008.
ADOPTED THIS 25th DAY OF FEBRUARY, 2008
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Director of Corporate Administration ________________________
Mayor
Certified a true copy this__________day of____________________,_________.
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