HomeMy WebLinkAboutKIN 75 3069 Borrowing By-law
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L.F.18 Rev. May 1960.
Onto
Municipal By-law for Current
Expenditures.
67395 Printed in Canada.
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Municipality of..............~.~....~~....~~.~.~.~~y..~~................................
BY-LAW No......................?.Q§.9.............................ï....................................
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
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to meet, until the taxes are collected, the current expenditures of the Corpdrlliion forÎÏJe-ýeãr;
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AND WHEREAS the total amount of the estimated revenues of the Ðòrporation as-set :
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forth in the estimates adopted for the year 197.*..., not including revenue. derivaÐle. Q~ iÌ\l:We"d
from the sale of assets, borrowings or issuance of debentures or from a sur~lus, including arrears
:~';¡T~ I:'ma~ of taxes, is·.......si.x...hundr.e.d...and..îifte.en...thau.s.and.......,.,...t1...~...:::..........................
revenues for the .
;S~ "":; .......:........... ...........:...:::...:....:':'...:....:::...:::...:...:::...::-....::...::...:::...:....::....::...:::...::...[::......................dollars
AND WHEREAS the total amount heretofore authorized to be bftroWed this year for
N0ntTE' ,'"'''' ,..... the purposes mentioned in subsection (1) of Section 329 of The MunicipaliAct is............................
au 0 prevOUl - /
By-laW(8) passed
I.... _. ...............................~I~...................................................dollars. of which the Corporation h.. already
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borrow:::::;;~~·~~~·~~~~;;··~~·~~~··~~~~~:~i·~~:~·~~~·..~..:::::::~==::J.t::::::~:;~::~:::::~:;:::.I.~:..~)
of...........Kim;.¡¡r..çJ,1nlL............................................hereby enacts .. follows:
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1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time. by way of promissory note, from the Bank of Montreal. a sum or
sums not exceeding in the aggregateX.WQ...IiU.NJlRED...ANJl..F..IE'.T.y....TlI.QJ.J.S.A.NIL...........::'....-
.......................::...:::...:::...:7....::...:::...::...:::...................dollars to meet. until the taxes are collectsd, the
current expenditures of the Corporation for the year. including the amo lnts required for the
purposes mentioned in subsection (1) of the said Section 329. and to give, ¡on behalf of the Cor·
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po ration. to the Bank a promissory note or notes, sealed with the corpor.te seal and signed b)
them for the moneys so borrowed with interest at a rate not exceeding....J.lll...........per centum
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per annum. which may be paid in advance or otherwise.
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2. All sums borrowed from the said Bank, for any or all of the purpos
said Section 329, shall, with interest thereon, be a charge upon the whole of '
Corporation for the current year and for all preceding years, as and when
received. '
3. The Treasurer is hereby authorized and directed to apply In pa* ent of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums bor owed in this year
and any previous years, from the said Bank for any or all of the purposes me~ ioned In the said
Section 329, together with Interest thereon, all of the moneys hereafter coli d or received on
account or realized in respect of the taxes levied for the current year and preCl ing years and all
of the moneys collected or received from any other sou rce, wh ich may lawfully applied for such
purpose.
Passed this....................~X1d........................................day of..... ..J.ª~~....
mentioned in the
revenues of the
ch revenues are
CORPORATE
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I hereby certify that the foregoing is a true copy of By-Jaw No..3.0.69....~ .of The Corpora-
tion of the............T.~.........................of..........K1nç,~r.ª.".tML..............in the P ince of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, d that the said
By-law Is in full force and effect.
Dated this......................J.r.çJ......................................day of..........~~!2~.r1..: ...............197.?....
As witness the Seal of
the Corporation.
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SEAL