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Home My WebLink AboutKIN 73 3004 Borrowing By-law LF. II Rev. May 1960. Ont. Municipal By-law for Current Expenditures. 92960 PrInted in Canada. Municipality of..........!!?~....~....~~~~~.~.~~~. ................................ BY-LAW No................).ºº.~...................................... ...........:........"............ - //- - :." ~ . /-- ( WHEREAS the Council of the Corporation deems it necess~ry to r~.w tile; sum -!,f / .;; '. ~......QP.!....~~.4.~~...~.~~~.....................~::.:.:................:...................~ i{~=.~..i/¡¡I+) : j to meet, until the taxes are eollected, the current expenditures of the Corpora '¡ín for. the year;..·· ~: ~..;-;~ --~~._~~.-""~:.¿: .. /.. - ..~. ...."' - AND WHEREAS the total amount of the estimated revenues of the Cor¡fora..,f1on :as'~- ..........,................ forth in the estimates adopted for the year 197J..., not including revenues drivable or derived ,._' - from the sale of assets, borrowings or issuance of debentures or from a surplu , including arrears ~~ '=::ï of taxes, !is·......ß.!y.~p....~~nº'.~.4..JI,1).ª....!Jgº~.:':'.~:wº...~.b-.º~.ª.p.L ..J!!9....b~!!æ.. __... 1M ~"...::; ....:..~~~...~.~~y..~!.~~~...........:':'....~...:':'....:':'...........................:............................... ....................dollars. AND WHEREAS the total amount heretofore authorized to be borr wed this year for Rs"" 352- ~ .' ir~J~ the~.urposes T~tio~~n ~~ (1) of Section _of The Municipal A is...~~.::~~.~ Itif8 _. and thirty r~y. thnus';"'d doll f hlch h Co . ~: ~. ~ . . ......·..........·..·....···......:·~:..·~~:·:~..·~:~..·~::~t ~:;x wtho~eand : :~~~I~a! : ~ i borrowed a total of..............................................................1........................................ ~..""._..~~ . __ - ", ø.' ;-; ,_- ..::' ~ THEREFORE th Co ·1 of Th Co ti of th TOMl ...'l.............." "'-ç e uncI 8 rpora on e............................... ................................. ',' - ". ,.. ~".., ...~--- Kincardine ...,;-,~,'_.. of....................................................................................hereby enacts as follows: 1. The Haad 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 ontreal, a sum or sums not exceeding in the aggregate...................~....bm¡gn.º'..~bø."". ............................... .........................:':'.::'.::'...................................................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 pur es mentioned in the said Section 329, shall, with interest thereon, be a charge upon the whole f the revenues of the Corporation for the current year and for all preceding years, as and wh n 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 sum borrowed in this year and any previous years;from the'said Bank for any or all of the purposes entioned in the said Section 329, together with interest thereon, all of the moneys hereafter c lected or received on <CØOI1nt-'or-1'8j1.lized in respect of the taxes levied for the current year and p eceding years and all .' ··ot-the monêyÚollected or received from any other source, which may lawf Iy be applied for such :: ~Jn-þose.:::S"< -'..,,?:' = :0 '. - - ':: eiS!'hteenth Oct '7'). . . -' ." Passed tf!!jl.~.............o;r.................................................day 01.................... .........................19....f.... ~ ~: ::.:. s -- ~ =- 2 - .. .. L L .-/ ~;~---~~-~ ~f ............~~~~~.. Co;p;~t·i~)...· .............". ":.:.. ....; r-~---..._---""-'-·'\:::.. ~.. -_...;.,¡f",_;.,-;....~ --...........J.¡~ . .........J...-'.....~.p ....~..... . .... .. ........... Clerk. I hereby certify that the foregoing is a true copy of By-law No.....~.... .4......of The Corpora- tion of .ithe...................~~~..................of.....~.;~.~.r.~.!!!!....................n th Province of Ontario, duly passed at a meeting of the Council of the said Corporation duly he d, and that the said By-law is in full force and effect. Dated this..........~!p.~.~.~~.p.1ö.b..............................day of _......~~~~. .r.......,..............19.1J.... As -witReu the Seal of ." ".: tJ,e-CorDoiãtion. :":"~--~.-:- - ~~.~- .....~...... Umitat anyone time. ,-'~. ~::o ~-Y~1 .:-",. -~.~, ::.~._-.:;: ::¿-"'~.:~ - ...: .. .-. -- ~ ~~øI -:".:::.¿,,:;-:..-:---~-' '-:,~.,:- EXTRACTS FROM THE MUNICIPAL ACT R.s.O. 1960 R.S.D. ,õêo --.. / l. ::. - . ---__. (1),·A council may by by-law either before or after the passing of the by-law for current year authorize the head and treasurer to borrow from time to time by way of pro the council may deem n........ry to meet, until the taxes are collected, the current expe itures of the corporation for the year, including the amounts required for linking fund, principal and interest falli due within the year upon any debt of the corporation, _I ..._, "fMIC!aI rates pu_, and fof any board, commission or body and other purposes for which the corporation is requIred by law to provide. (2) The amount that may be borrowed in any year for the purposes mentioned in subsection 1 shall not, except with the approval of the Municipal Board, exceed 70 per cent of the total amount of estimated revenues of the corporation as set forth in the estimates adopted for the year. R.S.O. 1950," 243, s. 1 (1,2). (3) The amount that may be borrowed at anyone time for the purposes mention in subsection 1, together with the totai of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal Board, exceed?O per cent of the unçoUected.balanoe of the estimated revenues of the co ration as set forth in the estimates adopted for the year. (4) At the time, after the 30th day of June in any year, that any amount is borro under this section, the treasurer shall fumish to the lender a oopy of the by-law· authorizing the borrowing and a statement showing the nature and amount of the estimated revenues of the current year not yet collected or, w ere the estimates for the year have not been adopted, a statement showing the nature and amount of the estimated enues of the corporation as set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed under this section that have not been repaid. 1958,.. 64, s. 23 (1). (5) Until such estimates are edopted, the limitations upon borrowing prescribed b subsections 2 and 3 shall temporarily be calcuiated upon the estimated revenues of the corporation as set forth in the timates adopted for the next preceding year. R.S.O. 1950, c. 243, 8. 341 (3); 1958," 64, 8. 23 (2). (6) For the purpose of this section, estimated nMV1U88 shall not include revenues erivable or derived from the sale of assets, borrowings or issues of debentures or from a surplus including arrears taxes and proceeds from the sale of assets. R.S.O. 1950, .. 243, .. 341 (4); 1958," 64," 23 (3). ·N.B. If there i8 sufficient available under existing by-Iaw(s) to provide for the fre a new by-law is not needed. . Current botrowlnp limit upon borrowinøs Treaeurer tGfurnish lender with copy of By...faw Temporary appIjcaUon ofestimatell of prøoeding - £XUluelon from estimated -- . ~ ~ 1 ,