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Home My WebLink AboutKIN 71 2170 Borrowing By-law 92950 PrInted In Canada. , i , I I M~''''''''' ~'____"""T"""""£"'Zin=~in.""'"'''''''''''' " BY-LAW ~I~I (, ,....................2..p.9................,....... ..........................,.,........ LoF.:18 Rev. May 1960. Ont. Municipal By-law for Currant Expendlturaa. . WHEREAS the Council of the Corporation deems it necessary t borrow the sum of - . ~ ~ -, .' - . , - -- -, ,- .. ;... ,..-~ ................ºn.~....hwJ,º'r.~~...ªm~....§.:i.~y....thQ.1U?ang.............................. ........:...."<:<...::.~i:. :::: .;- -'VA to meet, until the taxes are collected, the current expenditures of the corPlratío:ff,O ~h~;~; ,~ ~ AND WHEREAS the total amount of the estimated revenues of he '!!l!P0ration ~set' : - -,' '-... - _ . r .....- forth in the estimates ad~Ptlld for the year 1!!'?Q., not including revenu1s deriVab(~ ~y!te!['i~- from tM sale of assets, borrowings or issùance Óf debentures or from a su plus, including arrears =-n;¡ '-:¡''':;:¡ of taxes, is·.......F.iy.!?...hW\g,r.~.4...~pA...~.tgh~.y:::.§i;\Ç...~.!}.m,;§ª.n. ..~...9.n.~..Jmm!..r.~.(;t. revenues fOr the_ a'~ w...::;...............ªnº'...!\\.tght.y.~n.i.J,~.........,...,...........................:.............:............... ...........................dollars. AND WHEREAS the total amount heretofore authorized to be borrowed this year for \ A ¡ '-..L.J' ~'~= the purposes mentioned in subsection (1)~of Section 329 of The ~unicifl Act is:..Nl.l.......;.~.::''- _ :.~. ,..........................................................,...............................dollars of which the /corporation has ¡¡)ready ~,'./' _ borrowed a total Of............................................._M...n.i~M...M~·__....,·......·..I;.......................:.;:ol¡r~ E ~:\ - - - . ~ THEREFORE the Council of The Corporation of the.........T'OI'm..¡.....,..........,."..:~::-c............ ¡; ;::-: - /-~ ., /\. -- -~ .- - ... of..............Xinca.r.à.ine.........................................hereby enacts as foil' s: - - 1. The Head and the Treasurer are hereby authorized on be If of the Corporation to borrow from time to time, by way of promissory note, from the Ban of Montreal, a sum or sums not exceeding in the aggregate..............9.I1:E....l1'olll,<i.r..~.cl...a.:I1.<i..... ~~.Y...~h9.!!:êÆ:\9....... -, ~. ....................................................................................dollars to meet, until t e taxes are collected, the current expenditures of the Corporation for the year, including the mounts required for the purposes mentioned in subsection (1) of the said Section 329, and to ¡ve, on behalf of the Cor- . poration, to the Bank a promissory note or notes, sealed with the co porate seal and signed by them for the moneys so borrowed with interest at a rate not exceedí ......7.....1./?.....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 purpose mentioned in the said Section 329, shall, with interest thereon, be a charge upon the whole 'of t revenues of the Corporation for the current year and for all preceding years, as and when s ch revenues are received. 3. The Treasurer is hereby authorized and directed to apply in pay ent of all sums borrowed pursuant to the authority of this By-law, as well as all other sums bor wed in this year and any previous years, f¡;Offi.the sajd Ba~k for any or all of the purposes men ioned in the said Section 329, together witli interest thereon, all of the moneys hereafter collect d or received on account or realized in respect of the taxes levied for the' current year and prece ing years and all of the moneys collected or received from any other source, which may lawfully applied for such P~.::~d this...........~.~y.~.n.tþ.......................................day ,Of.............:J.ª!)..u.aÞ.............19...7.l .--,;,~:/ -''-/J. '. ~ ..£J .....:....?' :;;/ CORPO~_ .......... ..............d.r...... ............. - ",,' SEAL - ~ (The Head of :~ .. ~;:- :: --,;.'--..... -..;.. -:.~ ~ -~.- -~~ ~"~, ~'-"-'J ·h-.....;'::., rtif th t th f .. t· f B I N 2170 h Co -.'., _......'U' œ Y a e oregomg IS a rue copy 0 y- aw 0................... .of T e rpora- ti~~'~ ·;h~.:.:.:............1:9.w.n...................of........K;j..r.,¡;ii\ro.;i.X!.tL................in the Pr vince of Ontario, duly passed at a meeting of the Council of the said Corporation duly held, nd that the said By-law is ili full fo~ and effect. J .. ':' _ '. J . , Dated this.........................sa:v:en.th.......................day of.......J.a.n¡,¡ar-y..... ................19......7;1. . . ~.......... ........................................ Cl.... As witness the Seal of the Corporl!tion. ..": ~-_..:-'. ~~. -~'~._""-.o;~.'...~'" _ ....... -.....J ~ w ',_ _. ___ - :-.....J -,. ·./ÇOR;PORATE -. ~ - SEAt. , ; -.. -=- ..;;;,':;'- ~. ....:;;.,. -- ........;.. -"'-, &X~'" ~_ .-..:::5- " . E~ FROM THE MUNICIPA~ ACT R.B.O. 1960 . -~ ..; _ ".- (1-Y A council may by by-law either befora or after the passIng of the by-law for.lmpos ng the rates for the g:.r:o~nØ8 -:". - wyant year authorize the head and treasurer to borrow from time to time by way of promfS$O Gte such sums as - "£he council may deem necessary to meet, until the taxes ara collected, the currant expenditu of the corporation for the year, including the amounts raquirad for einking fund, principal and interest falling due thin the year upon any debt of the corporation, school purposes, epecial ralee purposes, and for any board, com iesion or body and other purposes for which the corporation ie raqUlrad by law to provide. (2) The amount that may be borrowed in any year for the purposes mentioned in su except with the approval of Ihe Municipal Board, exceed 70 per cent of the total amount of the the corporation.. eet forth in the estimatee adopted for the year. R.s.O. 1950, c. 243, s. 341 (1, ). (a), '"The anilunt that fnJly be berrowed.at any one time for the purposes mentioned in s bsection 1, together with the total of any similar borrowings that have not been repaid, ehall not, axcept with the app aI of the Municipal Board, exceed 70 I." cent of the unco/_ baiance of the eetimated revenues of the corporati n.. set forth in the estlmalee adopted for the year. (4) At the time, after the aoth day of June in any ~, that any amount is borrowed u der this section, the treasurer shall furnish to the lender a copy of the by-law authorizing the -borrowing and as ment showing the nature and amount of the estimated revenues of the current year not yet collected or, where t e estimates for the year have not been adopted, a statement showing the nature and amount of the estimated røvenu s of the oorporation .. set forth in the estimalee adopted for the next praceding year, and also showing the total of an amounts borrowed under this section that have not been rapeid.I958, Co 64,e. 23 (I). (5) Until such estimates ara adopted, the limitations upon borrowing prescribed by subs ions 2 and a ehall temporarily be calculated upon the estimated ravenues of the corporation as set forth in the estl tes adopted for the next preceding year. R.B.O. 1950, c. 243, s. 341 (a); 1958, Co 64, s. 23 (2). (6) For the purpose of thie section, eetimated revenues shall not include revenues deriv ble or derived from the sale of assets-; bprroWlngs or issues of debentures or ~rom a surplus including arrears of tax and prooeeds from the sale of assets. R.S.O.I950, c. 243,.. 341 (4): 1958, Co 64," 23 (a). 'N.B. If thera is sufficient available under existing by-Iaw(e) to provide for the fraah ass stance raqulrad a new by-Isw Is not needed. Limit upon -.... Umitat any one time. Treaaur. tofurnlah lønder wIth copy of By-law T..........,. application of estimates of preceding - Exclusion from estimated --- .....~......... .................. Clerk. -....--== - -----.... , .