HomeMy WebLinkAboutKIN 79 4201 borrowing by-law
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Ont.
Municipal By-law for Current
Expenditures.
67395 Printed in Canada.
M unicipality of......................:rgXf!L.~.:f...IÇ;hi1g.ª.:rg;h~&........... ........ ....
BY-LAW No...................!i:.?9t.·..................·..f....·.......·........·..........·........·..·
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 iorporation io~ the ;~~r;_~. ç.
AND WHEREAS the total amount of the estimated revenue~ of the.Qorporationjls,"1Ief': - ~
forth in the estimates adopted for the year 19...7.$.. not including revenues del1vable ~r derive(,:::' j
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from the sale of assets, borrowings or issuance œ debentures or from surplus, iñciudiry¡~~~:::'"
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:~T';,¡ '='~ of taxes, is....~~<?..~.i.?}.~.<?~...~!:I:ª...!?.~y.~.~.ty.:::~J.~.~...Th.?.);1;.I?... ...ª...~:hW,1.!-........:.::.:~:~....
revenues for' the '
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AND WHEREAS the total amount heretofore authorized to be botrowed this year for
~lE'o"n.~ov~'::; the purposes mentioned in subsection (1) of Section 329 of The MuntiPal Act is....:f.:j,Y.~............
,,~ -- ...J:~~9:r.:~.~....'P!:<?~~.'?:g9:...::::::::=.::::::::::::::::'.::'....dollars. of which t e Corporatio~ bas alfœdY,,-
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borrowed a total of............................................·......................·..........·........·..·................:................:.,dollarJ!;.. C' -
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THER~FORE th~ Council of The Corporation of the·........·..·~·'?f~·...........~....·..·..··....·:::·;.... ; ~j
of..................!:C?:~~.~.::..~?:~~......................................hereby enacts as fo OWl: _ .,,'-.C:
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1. The Head and the Treasurer are hereby authorized on b,half of the COrpõ(11.ti~-tlf
borrow from time to time. by way of promissory note, from the S."k of Montreal. a sum or
sums not exceeding in the aggregate..................¥..:j,y..~.Ji.'\m£tr.!?S!·....'JJ1~.}!"ê.ªng...':';::.................:::.
...................:::..::-:::::::::::::::..........................................dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including thel amounts required for the
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purposes mentioned in subsection (1) of the said Section 329, and to Igive, on behalf of the Cor-
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 exCeedI1g....f.-I.:.5...........per centum
per annum, which may be paid in advance or otherwise. ..... .
2. All sums borrowed from the eaid Bank, for any or all of the purposes men ioned In the
said Section 329, shall, with interest thereon, be a charge upon the whole of the re nues of the
Corporation for the current year and for all preceding years, as and when such venues are
received.
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums borrow in this year
and any previous years, from the said Bank for any or all of the purposes mentlone in the said
Section 329, together with interest thereon, all of the moneys hereafter collected or received on
account or realized in respect of the taxes levied for the current year and preceding ears and all
of the moneys collected or received from any other source, which 'may lawfully be app ied for such
purpose.
Passed this...................~~~~.~................................day of....!!.!!-.~!¥.:IT............. ........19..7.9..
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CORPORATE
SEAL
I hereby certify that the foregoing is a true copy of By-law No.....................of T e Corpora-
tion of the.......'r.ºJI!ID...............................of_....K;j.!t.Ç.¡Ì:t.~g.,:j,n~..................in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and t t the said
By-law is in full force and effect. - -
Dated this.........................!..g:~~............................day of..........!!.!!-.m~~:r:Y............. ......1117.2...
As witness the Seal of
the Corporation.
...............~...
CORPORATE
SEAL