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HomeMy WebLinkAboutKIN 70 2165 Borrowing By-law L.F.lII Rev. May 1960. Onto M unicipaJ By-law for Current Expendilu..... 98812 Printed in Canada. M"r....'" of._...........;.~~....~f...'º"'.,."'.~~.............................. . BY-LAW No............~.~~~.."................,.....................J..,...........,.........."..,... , WHEREAS the Council of the Corporation deems it necessary to ~orrow the sum, o~: i 4- ~ "'-r--' ..::7::~.~fi1....h~.~4.,.\!m!;t..~.bJ.t1;y.::{.h:~".~.hp.M.e.ªml.,.....,:::":::..,:::...t...:::..,~......,,dÓ1IarSA /"þ:'. ."". . ", , '., '. '\ I _~- -:;.. -~.~-- to meet, until the taxes are collected, the current expenditures of the Corpora'ion for t~ ye~; = ~ ~ ~ , - - AND WHEREAS the total amount of the estimated revenueS of the ICorporati1!p as set .::: ....': I ',~. ,.. - . . . . '" .' forth in the estimates adopted for the year 19...7.Q, not including revenues d~rivable or' äerÚã{: .,,' = = :..:: :~::;:=;:'::;.::;:~::~::;:i.:;::: revenues for the ! ..mont~ W ad- d . ht 1 ; ~~ _":"...... ..........".,......,ª,~...,..~!g.....Y.:::'L.~,............,.~...:::...~....~..,:::...:::...~...:::...~...:~...:::.j.....,..............dollars. AND WHEREAS the total amount heretofore authorized to be bor+wed this year for I Oner;: 'j . ~~."'~ov::; the purposes mentioned in subsection (1) of Section 329 of The Municipal Ad! is......... ,..... ";';;""..<. ~" . ~~ ....... I . /"., ¡ij;' - '....... /../ - ~ - year. . .lu..ncj.r.ed....a.nS:::.s:txt:1..,t.hO,\.UiaM..,..,......,..dollars, of which the Cor,*ration ~ I!!!ead;:' -~': . borrowed a total of...9!!.!!..,.hW1:4,~º'...!!:~::-:~!~.!!-.~1.:::!3.;.~..!:~!?~.~,~~9:..l::-.::-.......~....dÖJli,.s. :: ~ ~ I __ ........- THEREFORE the Council of The Corporation of the.................:~.~~..~..........:~:;::::.......v.<_-::-/. '>.é \ - - ~ '. . -' ~ of......,....,...~~.~.~.~.~,?::~.~.........................................hereby enacts as follows: I . 1. The Head and the Treasurer are hereby authorized on behalf of he 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........,~~..,...Þ.~~~.4...~~4....~.h.~.r!õ . -::.n!'.~................... ..,.......~h9.!!:!?ª~º'..,:::...:::...::...~...::"....::....::,..~......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, onl 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 no.t exceeding....?!.. ,....,......per centum per annum, which may be paid in advance or otherwise. 2. All sums borrowed from the said Bank, for any o(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 Corpcration 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 lellied for the current year and preceding yeats and all of the moneys collected or received from any other source, which may lawfully be applied for such ~~~ . ._ ~ ,~: -,__~ ..r._...:"'.....n.b.m~: ::=m~~: ,-? ( - = .~~ '~"'<r~ ..~ :- - -- :.:. :: ~ ' ~,.. .. . ... "'" ..,................. :. ': ~ -......... ,- Clerk. "'- -: '.~^' -,~ ~~f~ereby certify that the foregoing is a true copy of By-law No....2.~~'.......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 ~nd effect. . Dated this..............~.!.'f.~!;l~~!!~~þ,..........._.._.."day oL..,...._p.~.Ç.~.~þ.~,:r,............19...7..º. As witness the Seal of . .' the Corporation. , ~....~.... ,_, Clerk. . . .....-- ;-- ~~~~\.\." ......... /- '- -- ~ - - - "':':' ........ ~ ~ . - - ~-'"'.. ~- -':'-- 8eC.329ot ...' -. ~249 ---./" ---'--:.- .- R.S.O. ,960 -. . . , . . (Î)' A council may by by-law eit~er before or after the passing of the by-law for impoeing the rates for Ihe =nga current year authorize the head and-treasurer to borrow from time to time by way of promissory note such sums as the council may deem necessary 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 dUB within the year upon any debt of Ihe corporation, school purposes, special rates purposes, and for 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 subsec1ion 1 shaJl not, except wilh the approval of Ihe Municipal Board, exceed 70 per cent of the total amount of the estimaled revenues of the corporation as set forth in the estimates adopted for the year. R.S.O.1950, Co 243, s. 341 (1,2). (3) The amount that may be borrowed at any.,one 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 es1imates adopted for the year. - -- -- .. '. (4) AI the time, after the 30th day of June in any year, that any amount is borrowed under this section, the treasurer shall furnish to the lender a copy of the by-Iaw*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 estimates for the year have not been adOpted, a statement showing the nature and amount of the estimated revenues of the corporation as set forth in the estimates adopted for thenext preceding year, and also showing the total of any amounts borrowed under this sec1ion that have not been repaid.I95S, Co 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 Ihe estima~ revenues of tho corporation as set forth in the es1imates adopted for the next preceding year. R.S.O. 1950, c. 243; s. 341 (3); 1958,c. 64, s.23 (2). (6) For the purpose of Ihis section, estimated revenues shaJl not include revenues derivable or derived from the sale of assets, borrowings or issues of d4itbentures or from !\ surplus including arrears: of taxes and proceeds from the sale of assets. R.S.O. 1950, Co 243, s. 341'(4); Ig58, Co 64,a. 23 (3). °N.B. If there is sufficient available under existing by-Iaw(a) to provide for the fresh assistance required a new by-law is not needed. - - Limit upon borrowinge Limit at any one time. T.......... to furnish lender with copy of By-law Temporary appliCatiOn or ......... of preceding - Exvtuslon from estimated revenues ~ / ~ CORPORATE .lIEAL -- EXTRACTS FROM THE MUNICIÞAL ACT R.s.O. 1960 . .