HomeMy WebLinkAboutKIN 74 3016 Borrowing By-law
,LF. ø Rev. May 1960.
Onto
Municipal By-law for Current
Expenditurea.
92950 PrInted In Canada.
Municipality of...............1.ºM}....ºf...K".~.g¡H9.t.. ...............................
BY-LAW No...................~ºl~.................................... ................................
WHEREAS the Council of the Corporation deen¡s it necessary to +rrow the ~urfí'lß /
'lWo hundred and th.1t'ty'!'1'1't~~U8anci. - - - - I, dóiÎø. ;/ .
.. ................. .................. .........., .......... ...;..........-;.:......~...... .':......... ............... ..... ...... ......... ..r:~......... ...,~ ..~~ ~ rs.~ -:: ~
to meet, until the taxes are collected, the current expenditures of the Corpora~.fói-t¡¡¡' ýãa(;, j :::; i
";'-'. -;- -~-~.£
AND WHEREAS the total amount of the estimate,d revenues of the ...~Õ~~tioo_~-~~__'=
forth in the estimates adopted for the year 19.7.J..., not in~luding revenues d riv~b¡¡;:bI'~etÑèd
from the sale of assets, borrowings or issuance of debentures or from a surplu , including arrears
~T".i '::':¡ of taxes, is·.............f.A!~...Þ.!mc!.~g..J~...¢....t'.º.rt;Y....1;.b.º)Jªª.JØ............ .....:'.........................
revenues for the
~w..:::; ...............................:7.:::::.:::::::-.::'.::'.::-:::::::::....................................................................... ...................dollars.
AND WHEREAS the total amount heretofore authorized to be borr wed this year for
~TE:..'~ the purposes mentioned in subsection (1) of Section 329 of The Municipal A is...........n·'-l.,.."..
.(0)_ '
r. ..........................................................................................dolla1'8, of which the COr~rati~n has already/'
I"· -:... -; :::"~
borrowed a total of..................................................n1~............................................. .;,.,..._,..:;..lfel~s.: ;::: ~
THEREFORE the Council of The Corporation of the.................~.~.::.t:.-;:..::.-.........::::--.:"'/
'0 I~ ''___..--- .'<'_, __:
of...........~~~.gªr.9.t.D................................................hereby enacts as follows: .....:.: ~ ~._-----
~... ~._,,_....-
1. The Head and the Treasurer are hereby authorized on behalf of he Corporation to
borrow from time to time, by way of pr,omissóry note, from the Bank of ontreal, a sum or
sums not exceeding in the aggregate.~.~...~!:m~.~~...ª~..:Ç,ß!r..;~~.t; v.~..,\ò.QMH.1Ml
.................::-.::-.::-.::-::::::...:::...::-....~.::...::'.........................dollars to meet, until the taxe are collected, the
-.
current expenditures of the Corporation for the year, including the amoun required for the
purposes mentioned in subsection (1) of the said Section 329, and to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate eal and signed by
them for the moneys so borrowed with interest at a rate not exceeding.....9.~. ............per centum
per annum, which may be paid in advance or otherwise.
2. All sums borrowed from the said Bank, for any or all of the purposes mentione.d in the
said Section 329, shall, with interest thereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding yeal'8, 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, togefher with interest thereon, all of the moneys hereafter collected or received on
account or realized in respect of the ta~s-Ievied for the current year and preceding years and all
of the moneys collected or received from any òther source, whi.ch may lawfully be applied for such
~/'AOSe.-
~. '~ Passed Q¡is......................~~!~...............................day oLo!.~.~.~!!........................t9.1!t..
.,..-:; . -
~ª( g~~=ç~ .....~;£~.................
\:~~.._ . ...~~..~ .. ~4....~.....m.............
~_/¡: :"~_A _.,--:- ~. ~.~..¡r""'.'. .. Clerk.
--~-;:·_.¡.fl;,,¡.b; certify that the foregoing is a true copy of By-law No.}º~~.......of The Corpora-
tion of the..............!01Ø3.......................of..............JÇ!nç.~.~..Þ.J..~...........in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporàtìon dUly held, and that the said
By-law is in fuil førce and effect.
Dated this................f:~~...................................day oL~.ªR"'ª.r.!.........................19..1.It..
As witness the Seal of
the Corporation.
'~"~""ë';;:k:"
.
"
-
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:.: '. CORPORA!o..
""'" __ ...:::sEAL._
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~-c/ '-._.. __:.....~~ ;' EXTRACTS FROM THE MUNICIPAL ACT R.s.O. 1960 .
. -. f·.- (:D A'>1o"""iI may by by-law ei~r before or after the passing of the by-law for imposing the "'tes for the
~t yj!.....OIIIliorize the head and treasurer to borrow from time to time by way of promissory note such sums II
the côún6nrmay deem necessary to meet, until ths.taxes are collected, the current expenditures of the corporation
for the yeaJj including the amounts required for sinking fund, principal and interest falling due within the year upon
any debt Of the corporation, school purposes, spec!aI ra!eÍI purposes, and for any board, commission or body and
other purposes for which the corporation is reqUlred·11Y law to. provide.
(2) The amount that may be borrowed In any _r for the purposes mentioned in subsection 1 shall not
except with the approval of the Municipal Board, exceed'i'O per cent of the total amount of the estimated revenues;;¡
the corporation.....t forth in the ~!'I!a""'adopted for the year. RS.O. 1960, c. 243, s. 341 (1,2).
: : :.(3) ,~amoi it iltatrriai'bè1¡orrowed at al\Ìl one tiJM for the purposes mentioned in su_on 1, togother
with Ihe total of any sinillar borrowings that have not been repaid, shall not, except with the approval of the Municipal
Board, exceed 70 per cent of the uncollec!ed balance of the ~imaled revenues of the corporation as 8et forth in the
estimates adopted for the year. . . _.
(4) At the time, after the 30th day of June in any lear, that any amount is borrowed under this section, the
treasurer shall furnish to the lender a copy of Ihe by..Jawauthorizing the borrowing and a 8tatement showing the
nature and amount of the estimated revenùesof the current year not yet collected or, where the estimates for the
year have not beèn adopted, a statement showing the nature and amount of the estimated revenues of the corporation
as ...t forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed
under this section thet have not been repaid. 1958, c. 64, 8. 21(1).
(5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall
telT1 JOrarily be calculated upon the ~imated revenues of the corporation as se\ forth in the estimates adopted for the
next preceding year. R.S.O. 1950, c. 243, s. 341 (3): 1958, c. 64, e. 23 (2).
(6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
the sale of assets, borfqw:mgs or issues ~__d&bøntures or from a surplus including-arrears of taxes and proceeds from
the sale of assets. R.S.O. 1960, c. 243; 8. 341 (4); 1958, c. 64, s. 23 (3).
·N.B. If there is sufficient available under existing by-Iaw(s) to provide for the fresh assistance required
a new by-law is not needed.
-
s.o. 329 01
~~ó~
Current
borrowinoe
limit upon
borrowings
Umltat
anyone
time.
Treasurer
tofumlah
lender with
copy of 8y~law
.
Temporary
applk:atlon
of estimates
of preceding
yea,
Exclusion
from estimated
revenues