TOWN OF VIEW ROYAL BYLAW NO. 875: Revenue Anticipation Borrowing Bylaw No. 875, 2014
Bylaw authorizing the municipality to borrow up to $1,000,000 to meet current expenditures before tax collection.
TOWN OF VIEW ROYAL BYLAW NO. 875
A BYLAW TO PROVIDE FOR THE BORROWING OF MONEY IN ANTICIPATION OF REVENUE
The Council of the Town of View Royal, in open meeting assembled, enacts as follows:
This Bylaw may be cited as "Revenue Anticipation Borrowing Bylaw No. 875, 2014".
The Council shall be and is hereby empowered and authorized to borrow upon the credit of the Municipality a maximum amount of One Million Dollars ($1,000,000) in such amounts and at such times as the same may be required and at a rate of interest thereon not to exceed the then current prime commercial bank rate plus 0.25%.
The form of obligation to be given as acknowledgement of the liability shall be a promissory note or notes bearing the corporate seal and signed by the Mayor and the Treasurer.
All unpaid taxes and the taxes of the current year when levied or so much thereof as may be necessary shall, when collected, be used to repay the money so borrowed.
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ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL THIS
MAYOR
CLERK
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