HomeMy WebLinkAboutKIN 74 3067 Borrowing by-law
L.F. J8 Rev. May 1960.
Ont.
Municipal By-law for Current
Expenditures.
67395 Printed in Canada.
Municipality of.....:+:~.n...!?f...K!n.C?~.r.1..t.~~......1..................................
3067 i
BY-LAW No...............................................................+................................
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" WHEREAS the Council of the Corporation deems it necessary to ~orrow the sum, of
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to meet, until the taxes are collected, the current expenditures of the Corpor~fon for tIie YØ&'t- ::: :;
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"'AND WHEREAS the total amount of the estimated revenues of the¡OOrporation asse~. ':c' ::
forth in the estimat~s adopted for the year 19Z~..., not including revenues ~ri~ble,Oí: deriv~~"
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from the sale of assets, borrowings or issuance of debentures or from a surp'tf, including arrears
~T~ '='=; of taxes, is·.......êJJ;...!W.NP.ª~!?...~~.p....f..pr:r.~.~.W...:+:~9.Y..êA~g.....:::...::..f....::..........................
rewer'luestorthe ,,_ i
ourrent year If ad. \ :
.,oted..... . .....- .........................................:::..."...."....::..."...."...::'....!:\...................................................I....................dollars
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AND WHEREAS the total amount heretofore authorized to be botrpwed this year for
~E'.f'''':;'ev:;; the. purposes mentioned in subsection (1) of Section 329 of The Municipal A¥ is............................
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e' ..~~9....~~~~.r.~~...~.n~.....~hir.~.Y..::n.!.~...!:~~~ðIíiPt~ of which the Co.wratlon lÍu alrWJy
borrowed a total of...r..w.º..J:\1t.nclr.~!t..ª.mt..:If.}'l!'m:lf.y.:::f..º:H.r....t:.h.º:g§.!!n~......:::;.,......d~rs:_ "
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THEREFORE the Council of The Corporation of the................'!:'.~~....L.....~.:.~~:...:...;...,;. ;::,' i
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of......................;!.Xg;ªA.\;,¡,:n~L..................................hereby enacts u follows: !.' . . ......:;~
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1. The Head and the Treasurer are hereby authorized on behalf of ~he Corporab~'to
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borrow from time to time, by way of promissory note, from the Bank of r.1ontreal, a sum or
sums not exceeding in the aggregate..........~.~Éi....~.~.~p.....'!:'.~g~.~~!:'!~...J..!...L..:...:....:....
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...........::-...:::....:...:...:::...:...:::...:::...:::::......................dollara to meet, until the taxe+ are collected, the
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current expenditures of the Corporation for the year, including the amou", required for the
purposes mentioned in subsection (1) of the said Section 329, and to give, on I behalf of the Cor·
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poration, to the Bank a promissory note or notes, sealed with the corporate ~eal and signed b)
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them for the moneys so borrowed with Interest at a rate not exceeding.....!;!,+..........per centum
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per annum, which may be paid In advance or otherwise. I
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Section 329, shall, with intereat thereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues 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 borrowed in this year
and any previous years,:from the,said Bank for any or all of the purposes mentioned 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 le.,¡¡'ed for the current year and preceding years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose.
passèd this... ........... ....?7.~.~...... ....... .... ....... ............. ...day of..... .~!?! ~.!!l~.~ .r. ....... ....... ...19.1.~.
;.£" ~ CORpORATE_ - - - - ·....·............~·6.;~~?.;".,..
,,~_ ~'~~EAL _ ~~~;;
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-...:; ., . ". Clerk.
'-:..':2~:~":: ¡~eb~~ertify that the foregoing is a trueì:opy of By-law No.....J.9.§.7.....of The Corpora-
tion of the...........!9.~..........................of.........~1~g.~;r.g,1~.................in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that the said
By-law is in full-for.çe .and-effeçt.
Dated this...................~.~~~..........................~.........day of.........~r:?y.~~~.~.r.................19..'!.!!-..
As witness the Seal of
the Corporation.
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CORPORATI;
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