HomeMy WebLinkAboutKIN 76 4016 Borrowing By-law
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L.F.lO Rev. May 1960.
Onto
Municipal By-law for Currant
Expenditures.
27891 Printed In Canada.
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Municipality of....y.þ,~....çº;r;:P.º.r.ª~~º.~..9.f....~.h!!...!.!?~...9.f....~Jncardine
BY-LAW ..No...................4Q!Q...................................................................
,
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
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....rw.º...I!:w.?:4.r.~.g....@4....f..µ:~y....'1:'.hºY:~ª~.g::::':::':':==:::=.:7.=:=::::::-t:::::=::::::::.dollars
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to meet, until tñe taxes are collected, the current expenditures of the Corpor4tion for the year;
AND WHERUSttré tofalåmöunt of the estimated revenues of the Corporation as set
f?rth in the estimat~s adopted for the year 19..1.9., not including revenues !~erivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surpl~s, including arrears
,
~~.:r-~ ''='ma':i of taxes, is·....Q¡),~....M1.lU ).n..f.QlJ.r....hIlndr.ed...and...s..e1l'.en.t.y..,,s.Mx...th.ous.a¡¡d.......
revenues for the
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~~rE:.,'~~~.¡~~~u.rp~~~ìooed in subsection (1) of Section 329 of The Municipal ~t is....T.1IfQ....h~9:red
By-Iaw(s) ~: -- -.:-. :::.- ~:...-. -~ ,
thl. _. : =:.~:...%..f.!-.~y....~.þ.!?Y:.~ªP.-.4.........................................dollars, of which the Corporation has already
.~ bonowed a tolal of............ ?i.~.y..E:Uxt;.Y..~j¡hQIJ.:;¡.ªnd......... ..... ..". ..::'... .."... ::'....::'. ..."......".... .....x.....dollars.
'. ..··"l'H-ÈREFORE the Council of The Corporation of the.....................1'9.#t................................
of.....................JÇ~9.ªr.4.!-.g.~...................................hereby enacts as follows: ;
1. The Head and the Treasurer are hereby authorized on behalf ~t 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 aggregate......r.~Ç?....h:w.?:4.r.!!.4...!¥.1:4....:f.g!?.y...J1.~!?.~!?.~~~...............
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purposes mentioned in subsection (1) of the said Section 329, and to give, oh behalf of the Cor-
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poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding......1fì..........per centum
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 pu~ 0868 mentioned In the
said Section 329, shall, with interest thereon, be a charge upon the who"!; of the revenues of the
Corporation for the current year and for all preceding years, as and w en such revenues are
received.
3. The Treasurer is hereby authorized and directed to apply i payment of all sums
borrowed pursuant to the authority of this By-law, as well as ail other sum borrowed in this year
and any previous years, from the said Bank for any or all of the purpose mentioned in the said
Section 329, together with interest thereon, ail of the moneys hereafter lIected or received on
account or realized in respect of the taxes levied for the current year and; receding years and all
of the moneys collected or received from any other source, which may law( lIy be applied for such
purpose.
Passed thls.~~..........J:.~!!n!::;y,::,.f.*.!:Æ~.................day of............º~. .Qg. x:...............19.7.6..
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COAPORATE
SEAl.
I hereby certify that the foregoing is a true copy of By-law No.......
tion of the.......:!r!;n:m..............................of........~:1:~!:.~!!?:.~~~..................In e Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly eld, and that the said
gy..law is in full force and effect.
Dated this............!:!!~.Dy.Y..::f1r.§!:......................day of..:........ºg:!~: þ.~r..................19..7.§... .
As witness the Seal of
the Corporation.
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.... ..............
Clerk.
CORPORATE
SEAL