HomeMy WebLinkAboutKIN 72 2211 Borrowing By-law
LF..28 Rev. May 1960..
Ont. .
Municipal By-law for Current
Expendltu.....
9a95O PrInted In Canada.
... TOWN OF KINCARDINE
MUnicipality of......................................................... ......................................
2211
BY-LAW No............................................................ ......................................
WHEREAS the Council of the Corporation deems it necessary t borrow the.sutn of
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to meet, until fue taxeS are ciollected, the current expenditures of the Cor ratio!!for]uye~; ::::
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AND WHEREAS the total amount of the estimated revenues of t e G(r:iI.9~~ion if s~t/
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forth in the estimates adopted for the year 19...Z;¡" not including revenue deriv;-I!h).~; d~riwêj
from the sale of assets, borrowings or issuance of debentures or from a sur Ius, including arrears
~1E.¡ '~ of taxes, is....!'..?~~...~~~~~.~...~~~...~.?~~:'?r..:g.~~....~.??~~~.~~.,...l9.~.~....~~~.~~.~...~.nd
~"u! ......................?;.~.~:'::~.r..:.?~~.:.:.:.::::_.::_.::_.::.:.::::-.:.:.::::::-.::-.::.:.:::::::::-.::-.::.':':1::-.::-::....:.:.:::-.::-.:<IOllars.
AND WHEREAS the total amount heretofore authorized to be b~rrowed this year for
::'~1E'of'~~ the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is....::.~}.t.,.........
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A. ,..........................................................................................dollars of which the rpotation hat.¿u~y
....- nil ::: :: - - - :.
borrowed a total of.......................... ............. ...................... ......... ............... ......... ....1."'..... .~.._... .JlolIlIDI-
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THEREFORE the. Council of The Corporation of the.............:!:?~~.. :....-:c.............^<:::....~~,;~
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KINCARDINE " . -"-'. _ -
of....................................................................................hereby enacts as follows
1. The Head and the Treasurer are hereby authorized on behalf f the Corporation to
borrow from time to time, by way of promissory note, from the Bank 0 Montreal, a sum or
sums not exceeding in the aggregate....~~...~l~~~.~...~!:l~...~.~.~::.~r... .!..~!~...!.~.?~~~.~.~
..............:.:.:.:::::::::::::::::::::_:::.:::::::::_.::.:...................dollars to meet, until the es are collected, the
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current expenditures of the Corporation for the year, including the amo nts required for the
purposes mentioned in subsection (1) of the said Section 329, and to give, n behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corpora e seal 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.
See. 329 of
ChaP!249
R.8.0.19OO
Current
borrowings
limit upon
borrowings
Limit at
anyone
Urn..
Treasurer
tofurnleh
lender with
copy of By-law
Temporary
application
of estimates
of preceding
-
Exclusion
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 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 levied for the current year and preceding years and all
of the moneys collected or received from any other source, whic~ may lawfully be applied for such
purpose. .
. >·'::",·~d.thiL___.__~:!-.~~~__............................,...da~of.,...~~~~.ry'......................19...??.
/f'f'~co~· . .~~~..~~.... ..... ........
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-.., ;..,/, ~ -..' _- . Clerk.
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'·.~.Jlìero1)y certify that the foregoing is a true copy of By-law No.....................of The Corpora-
tion of the.......~.~~~..............................of........~.~.~.~~:'::~~.~..................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 force and effect.' .
Dated .&.:"~:~~~:~:~~,~:~:~~~;~~."..œyOf,..,..,~~.~~:!.;....................19...:.2.
,
As witness the Seal of
the Corporation.
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", /'. ,--" /;:" " EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1980
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'c-tt}. A còùl!8ll may by by-law elthèr before or after the passing of the by-law for imposing the rates for the
current yð!IT autHorize the head and treasurer to borrow from time to time by way 01 promissory note such sums as
the council may deemneœssary to meet, until the taxes ara collected, the current expenditures of the corporation
for the year, including tile amounts required for sinking lund, principal and interest lalling due within the year upon
any debt of the corporation, school pu_, spaa!al rates purposes, and for any board, commission or body and
other purposes lor which the corporation is requIred by law to provide.
(2) The amount that maybe borrowed In anY year .lor the purposes mentioned in subsection 1 shan I1ot.
except with the approval of the Municipal Board, exceed 70 par cent of the total amount of the estimated revenues of
the cor¡JOration as satiorth inthustlmates tdopted lor the year. R.S.O. 1950, c. 243, s. 341 (1,2).
(3) The amount tHat rMy-'be borroWed at ani one -time for the purposes n1entIoned in subsection 1, together
with the total o!any similar borrowings that have not been repaid, shall not, except with the approval 01 the Municipal
::::át:c:~~r,¿r~~~~~ uncollected balance of the estimated re!'''!'II"!!i _III.<> _"!'.,!o.':~i~ _"! sa! ~rth in the
(4) At the time, after the 30th day of June in any r.ar, that any amount Is borrowed under this section, the
treasurer shall furnish to the lender a copy 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, where the eetimateelor the
year have not been adopted, a statement showing the nature and amount of the estimated revenues of the corporation
as sat lorth in the e.timatee adopted lor the next preceding year, and also showing the total 01 any amounts borrowed
under this section that have not bsen repaid. 1950, c. 64, s. 23 (1).
(5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall
temporarily be calculated upon the astimatedrevanues 01 the corporation as sat forth in the estimates adopted lor the
next preceding year. R.S,O. 1950, c. 243,S.~t (3); 1950, c. 64, s. 23 (2).
(6) For the purpose 01 this section, estimated revenues shall not include ravenues derivable or derived lrom
the sale of assets, borrowings or issues of.!la~ntures or from a surplus including arrears of taxes and proceeds from
the sale 01 assets. R.S.O. 1950, c. 243, s. 341 (4); 1956, c. 64, .. 23 (3).
°N.B. If there i. sufficlèntavailable under existing by-Iaw(s) to provide. lor thelresh assistance required
a new by-law I. not ~
.
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