HomeMy WebLinkAboutKIN 76 3148 Borrowing By-law
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LF. 18 Rev. May 1960.
Onto
Municipal By-law for Current
Expenditures.
67395 PrInted In Canada.
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Municipality of..........:r.Ç!ff.!t..~....~I~,g.~.@.~~...................................
BY-LAW NO............?.~.~...................................¡........................................
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WHEREAS the Council of the Corporation deems it necessary ito borrow the sum of
................IIIl;:'.:::::...:r.\'!9....!N.!iP..ª~.~...~.@..X.~f..'!:'.~...2-:.~9.~.?.~~.....l::.::::::.::-.::-:::.........dollars
to meet, until the taxes are collected, the current expenditures of the Cor~ration for the year;
AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 197.5..., not including revenues derivable or derived
from the sale of assets, borrowings or issuance of debentures or from a surplus, including arrears
:'~T~ I':::'ma"l:d of taxes, is·....$.ey.e.n...h).mçÜ:e.Q....~...f..Q.rt.y....§.j,.<Ç..Ji.!J..Q),.!.ª§..n~.,....9.q:¡.~....~~r.~.~~...~.!?-9:.
r8'I8r1US for the
;s'~ '\~ .....:'?~.y.!?n~.y..-:.g~Œ.........::-...;:'....::-....::....::-....................................................................................dollars
AND WHEREAS the total amount heretofore authorized to be botrowed this year for
:'JE'O,'"'~~'::; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act Is............................
Øy.IaW(8) øassød
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....................................N.IL.............................................dollars, of which the Corporation has already /
borrowed a total of.................................................~!~......................................~........................:.døjl~.
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THEREFORE the Council of The Corporation of the..........T.9.!'m.............:...............;c............·
of.....................~.~!:l.c.~.r..~.~!:l~..................................hereby enacts as follo~: _
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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.............T.W.Q..Jj!!.m?&.;!?....~.NfL.EP.!:W.!...'!:'.~gy.~!!:~.........
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......::.:::::.7.:.::.::...::-....::....:....:....::...::.........................dollars to meet, until the t axes are collected, the
current expenditures of the Corporation for the year, including the amounts required for the
purposes mentioned in subsection (1) of the said Section 329, and to givet on behalf of the Cor·
poration, 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....;9.i.............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 purposes 8ntioned 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 ment oned in the said
Section 329, together with interest thereon, all of the moneys hereafter c.()lIect d or received on
account or realized in respect of the taxes levied for the current year and prece ing years and all
of the moneys collected or received from any other source, which may lawfully b applied for such
purpose.
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I hereby certify that the foregoing is a trUø copy of By-law No...)),.~&... .of The Corpora-
. Tom Kincardine.
tion of the................................................of......................................................In the P
duly passed at a meeting of the Council of the said Corporation duly held;
By-law is in full force and effect. .
Dated this..........................~.h..................................day of.......J.anuar.y....: .................19.7.6....
i nce of Ontario,
d that the said
M witness the Seal of
the Corporation.
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ow..
~TE
SEAL