HomeMy WebLinkAboutKIN 73 2260 Borrowing By-law
LF. III Rev. May 1960.
Onto
Municipal By-law for Current
Expenditures.
92950 Printed In Canada.
Municipality of...........1.º~...9.f.....~.1ÞØ.ª.m1D1. .................................
2260
BY-LAW No........................................................ ......... .................................
WHEREAS the ~uncil of the Corporation deems it, necessary to
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orrow the sum of
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to meet, until the taxes are collected, the current expenditures of the Corpor~ f~ t~ ~r;~ }
. AND WHEREAS the total amount of the estimated revenues of th~ ~p( fation~~:
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forth in the estimates adopted for the year 191.?:..., not including revenues ~~¡;':DI"êI_~-;¡
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from the sale of assets, borrowings or issuance of debentures or from a surpl ,including arrears
~TE.,¡ '~ of taxes, is.......f..1.n....þ.gn.çj...Jm!:!....f.1..~:r.:7.,.1..&Þ.~...~.M~~ª."'~.... .................................
revenues for the ..."?'
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~ _"':'" ,.... ...................................;................................................................................................... ....................dollars.
AND WHEREAS the total amount heretofore authorized to be bor wed this year for
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NOTE, ".... am· th t· ed· b ct· (1) I' S ct· 329 I' Th M .. I A t . - ;<1t~J:: ~~
oum or ........ e purposes men Ion In su se Ion 0 e Ion 0 e UnlClpa .IS".............../,:)"'...,
. palled ,,'- .-: ¿. ,-
. ,..........................................................................................dollara of which the Co rãi:iorl:J¡Q aIieadt::
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borrowed a total of...................................n11...........................................................t:::......:.....·.dÕlla~ :
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THEREFORE the Council of The Corporation of the.......;r.!?~............ ...-.:7...:~>~~.;':<:~:~
of..........~;.~.~~.;~!..............................................hereby enacts as follows:
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 ontreal, a sum or
sums not exceeding in the aggregate.........!:!!...!?:~~....~...!.~J..~I..f.!!!!I.....................
.....~.~.9.M.g..........................................................dollara to meet, until the tax are collected, the
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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, 0 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.......!. .............per centum
per annum, which may be paid in advance or otherwise.
_32901
Chap......
R.s.:O.1*
Current
borrowinøs
Limit upon
borrowings
Limit at
any one
time.
Treasurer
tofurnisb
lender wrth
copy of By-law
Temporary
apprication
otestimates
ofprecedJng
yea,
...,-
from estimated
revenues
2. All sums borrowed from the said Bank, for any or all of the purposes mentioned 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 years, as and when such revenues are
received.
3. The Treasurer is here~y authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-Jaw, as well as all other sums borrowed in this year
and any previous yws!: from ,t~s¡¡jd ;Qal]k 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 Jevìed 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.
;;~Qed this.............!!?~~~......................................day Of...........~~~.!1................19.1.~...
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--;~~:::t~~y.e-¡jrtify that the foregoing is a trllecopy of By-Jaw No....~~~~.....Of The Corpora-
tion of-;he.~.............!.!~.........;...........Of...........~i!~.~.!'!!J~...............in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that the said
By-Jaw is in full force and effect. ", c,
Dated this...............t.'.!I?~.~þ.....................................day of........~.ª.~~.:a.-.....................19.13...
As witness the Seal of
the-{)àfWia,tÏOll.
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Cta'k.
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ExTRACTS FROM THE MUNICIPAL ACT FI.S.O. 1960
(1) A council may by by-law either before or after the passing of the by.law for imposing the rates for tbe
current year authorize the head and treasurer to borrow from time to time by way of promissory nòte such sums as
the council may deem neceasary to meet, until the taxes are collected, the current expenditures of the corporation
for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon
any debt of the corporation, echooJ purpoSes, special ",tes purposes, and for any board, comml..lon or body and
other purposes for which the corporation ie required by law to provide.
(2) The amount that may be bormwed in any year for the purposes mentioneQ in subsection 1 shall not,
except with the approval of the Municipal Bøard, exceeQ 70 per cent of the total amount of the estimated revenues of
the corporation as .SI't forth in ~he estimatss adopted for the year. R.S.O. 1950, Co 243, s. 341 (1,2).
(3) The amoi/l1Uhet may ~ bormwedahny:on8 time for the purposes mentioned in subsection 1. together
with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in the
estimates adopted for the year. ^ , '. '
(4) At the time, after the 30th day of June in any 'tear, that any amount is borrowed under this section, the
treasurer shali furnish to the lender a copy of the by·lawauthorizJng the borrowing and a statement showing the
nature and amount of the estimated revenues of the current year not yet collected or, where the estimates for the
year have not b8Øn adopted, a statement showing the nature and amount of the estimated revenues 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. c. 64, s.23 (I).
(5) Until such estimates "readopted, the limitations upon borrowing prescribed by subsections 2 and 3 shali
temporarily be calculated upon th8!estimated revenues of thacorl>O.ration as set forth in the estimates adopted for the
next preceding year. R.S.O. 1950, Co 243, s. 341 (3); 1958, Co 64, s. 23 (2).
(6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
the sale of assets, borrowil1gs or iSSU8S:of-debentures or from a surplus includ.ing arrears of taxes and proceeds from
the sale of assets. R.S.O. 1950, c. 243,'" 341 (4); 1958, c. 64, S. 23 (3).
°N.B. If there Is sufficient available un<ler existing by-Iaw(s) to provide for the fresh assistance required
a new by-law is not needed.
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