HomeMy WebLinkAboutKIN 76 3185 Borrowing By-law
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L.F. U Rev. May 1960.
Ont.
Municipal By~law for Current
Expenditures.
67395 Printed in Canad..
Municipality of.....:t?!l~....g9..r.P.5?.:::.':I:!:~.~.~....?.~....~.~.~...~.~:::.I2... ?~....~.inc a rdi ne
3185 '
BY-LAW ..No.................................................................................................
WHEREAS the Council of the Corporation deems it necessary to borrow the sumpf
...'J:.w.Q...hlJ.nd.r.ect...and..fif.t.y....tbau.¡¡.arui........:::...:::...::...:::...:7....:7....':'....::....................doIlat<
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to meet, until the taxes are collected, the current expenditures of the Corpo+ti~ for~e-Ye!.; ~; ~- J
AND WHEREAS the total amount of the estimated revenues of th~ eør~r!ltiol1 ~l!trlÌ~Jj
forth in the estimates adopted for the year 19...7..5, not including revenues íderivillre P.i:lI.a:-"ivîid
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
:'.:?T~ '':'''':':; of taxes, is·....$..~:v:ß.n..b).mdr.ç¡.d...and...fQr.t.}!'....six...tbQu.s.a.nd..,....dma...bu.n.drad......
revenues for the
:E' C..:..~.:; ...........~.J]~...:;;..~y.~.T.1~.y.:::g:!.~.....:::::'...............................................................::.::::...................dollars
AND WHEREAS the total amount heretofore authorized to be botrowed this year for
:'.JE'.,'",:;'ev~'::; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is...T.~Q...h).mQ..red
By.t&w(s) øused
IhIo _. ...~:::~....~.~.~~X...~.0..?~:?~.J]~......:.::.........................dollars, of which the Corporation has already /
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borrowed a total of.....Qmt...l}y.!:I,Ç!.r.l?g...~.m!:....~~.Y.'.~!.!~.Y.::-.!)J!.!~..........::...::-....:...:::............do l.;rs. ~~ -;. ;:
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THEREFORE the Council of The Corporation of the.............:r.º.~....~......,~:............;:.......::::.- :-)
of...........~.~!.!.C?,a.-.r:?:.tI:1;~..............................................hereby enacts as 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 aggregate..........Ji.ì1.9....Þ.M!),Çtrgg..Æ1g...f..lf..1;y......Ji.b.9.,I¿§.i!m!!.........
.................::.::.:::::::::.:::::.::.::::::·..................................dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including the amounte 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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poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed b)
them for the moneys so borrowed with interest at a rate not exceeding....1Qi...........per centum
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per annum, which may be paid in advance or otherwiee.
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2. All sums borrowed from the said Bank, for any or all of the purpoees entioned in the
said Section 329, shall, with interest thereon, be a charge upon the whole of th revenues of the
Corporation for the current year and for all preceding years, as and when s h revenues are
received.
3. The Treasurer is hereby authorized and directed to apply in pay ent of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums borr wed in this year
and any previous years, from the said Bank for any or all of the purposes men oned in the said
Section 329, together with interest thereon, all of the moneys hereafter 0011 or received on
account or realized in resPect of the taxes levied for the current year and preced ng years and all
of the moneys collected or received from any other source, which may lawfully b applied for such
purpoee.
Paeaed this.............?~.....................,...:.......................day of............Ma.y......... ................19..79..
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CORPORATE
SEAL
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Clerk.
I hereby certify that the foregoing is a true copy of By-law No.......:).lª.5. of The Corpora-
tion of the...........:;r:g~.........................of..........~!.~~.:?:!.:g.f.~~................in the Pro ince of Ontario,
duly passed at a mesting of the Council of the said Corporation duly held, a d that the said
By-law is in full force and effect
Dated thiS.....................~.~~.~....................................day of............MR,y............ ...............19...7.2.
As witness the Seal of
the Corporation.
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CIorIc.
CORPORATE
SEAL ..
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