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Home My WebLink AboutKIN 70 2110 Borrowing By-law . . i . i Municipality .OL...A.Qm\...9.t...Kj,M.a.t.!Unl..................................... j . 2110 I BY-LAW NO...........~....n.r......................................¡....................................... WHEREAS the Council of the Corporation deems it necessary ~o borrow the suII\ ,of i ...--.,.-- -,- .::'.::'.Qm¡LÞ.1mª~!¡HL.ø.'),Ii...$i;l;t.Y... .tbf),u.aanl:l...,..,..,..,.,.-:o:.-:o: '" ,..,..,.,.. .....l....... .........~:: :......d~ri-, '. ! -' ~ -".o, I - _ -" '" to mee~::il~h~:::r:h~~:le:~::n:u::et:tee::::~:::e:e:e:::~::~~:t:!:~1~Je~ ~j forth in the estimates adopted for the year 19..<?9.., ~not including revenu1s deriv~b~'~; ~¡:~!(., ~~~T~ '~~ :o:x:s: :~~:.::::.~;.::;:~º~~.~:~~~::.:;.:~~:~:~..:.;,::.~:t~.~~~:~::~:~ revenues for the ! a:5.Œt '~; ...1:\ª...1':!'!~"'~J'....§.:j,;1!;...º.º¡.:Mt.~§::':::::::::'.::'.::.-:o:::::::::'.::':::.-:O::::.........................+........................dollars. . AND WHEREAS the total amount heretofore authorized to be ~orrowed this year for ~'na:;= the purposes mentioned in subsection (1) of Section 329 of The Munici~1 Act is......1:\.t+......~.:.::.,..~~, .. ..........................................................................................dollars, of which the ~rporation ha~1i~ady....;.. .r,':.... I - -.; ~ -"- borrowed a total of......................::-.::-.:::::r!J·.±::::::::::::::.........................................I.......................:.dollàrS: ::: _. I - -- _ -...... - THEREFORE the Council of The Corporation of the..............1.~....................·:,'~~..........::: .,':' "'·"^r . J of..............IÇ~."'.~~~~."'.~..........................................hereby enacts as fOIlOW¡: "',.:" ~.. I i 1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to I borrow from time to time, by way of promissory note, from the Bank tf Montreal, a sum or sums not exceeding in the aggregate..::.::....Qn~...b.1m.d;r.~º'...aXl9....S.;\.~iy....t.b.ºMØn.g.:::::..... .......................::'.::.::.::.::...............................................dollars to meet, until the þxes are collected, the I I current expenditures of the Corporation for the year, including the amrunts required for the purposes mentioned in subsection (1) of the said Section 329, and to giV1' on behalf of the Cor- poration, to the Bank a promissory note or note8, sealed with the corporrte seal and signed by them for the moneys so borrowed with interest at a rate not exceeding....f~i.............per centum per annum, which may be paid In advance or otherwise. I I I L.F.lO Rev. May 1980. Onto Municipal By-law for Curront Expenditures. 1il8812 PrInted In Canada. ~ . .:..... ~.-........ - - ....""... ~ ~........... " -..... ".... ..,/ .,,-...... ..... _ _ ~ _ "CORPORATE ~ _ "'":'-::-- -SEAL . - , - :. /:..- . ~ - &o~~'>~,_..2~:' EXTRA~ FROM THEMUNICIPA~ ACT R.B.O. 1980 . . ~, ..(4) A council may by by-law eIther before or after the passIng of the by-law for Imposing the rates for the Ctment 'curr!lñt year authorize the head and treasúrorto'borrow from time to time by way of promissory note such sums as borrowIl'IIJI the council may deem necessary to meet, until the taxes are oollected, the ourrant expenditures of the corporation for the year, including the amounts required for sinking fund, pri.noipal and interest falling due within the year upon any debt of the corporation, school purposes, special rates purposes, and for any board, commlaslon 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 ml)ntioned In subsection 1 shall not, except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the éstlmated rovenues of the corporation as set forth In the estimates adopted for the year. R.B.O. 1950, c. 243, s. 341 (1, 2). - -(3) The amOunt thafmiybe borrøwe<liBtanyonè tlme.for llle-purposesmentloned In subsection 1, together with the total of any similar borrowings that have not been repeid, shall not, except with the approval of the Municipal Board, exceed 70 per cent of the uncollected balance of the estimated rovenues of the corporation as set forth in the es1imates adopted for the year. - - - - - (4) At the time, after the 30th day of June in any ~r, 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 ourrant year not yet collected or, where the estimates for the year have not been adopted, a statement showing the natura and amount of the estimated revenues of the corporation as set forth In the estimates edopted for the"".t preceding year, and also showing the total of anyamounts borrowed under this section that have not been repaid. 1958, c. 64, s. 23 (1). (5) Until such estimates aro adopted, the,lImltations upon borrowing proscribed by subsections 2 and 3 shail temporarily be calculated upon the es1imated revenues of tbe corporation as set forth in the estimates adopted for the next preceding year. R.B.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2). (6) For the purpose of this section, estimated rovenues shail not Inolude revenues derivable or derived from the sale of assets, borrowings· or issues of debentures or from asurpfus including arrears of taxes and proceeds from the sale of assets. R.8.0. 1950, o. 243, s. 341 (4); 1958, c. 64, .. 23 (3). °N.B. If thero Is sufficient available under existing by-Iaw(s) to provide for the fresh assistance, required a new by-law is not needed. limit upon borrowlnp Umitat an)'one time. T_ tofurniah lender with copy of By-law Temponry ....,_. of estimates of preceding ysar Exc!uaton 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 r8'lenues are received. . i 3. The Treasurer Is hereby authorized and directed to apply In payment ,f all sums borrowed pursuant to the authority of thill 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 teceived 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, which may lawfully be applied for such ~~~. I ..., . eighth January . 70 :'~:'~""~' ''f'¥s~~ thIS................::::.::.::.::~.~.::.::.::....................~y. ~f~..·O....·......}J..·ç·~..,..~ :~~::. ::: 2 -~~ ......!.v..~~.~.~.:.¿r-- :- ---.:. :. -:. -: -::: : ............. .~ ~.... ... .. .. ....... . ............. -_ /". -:.. ...... .- ~.~,.(......, Clerk. "'- - j"'. - - -..... ~- '.._. ".'. -. . . 2110 . ~. ~ _I høre1>y certify that the foregoing IS a true copy of By-law No.....................of The Corpora- tion of the.............to.w.n......n...............of.....Kíncani.:ln.e....................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 fòrcE¡ and effect: . ninth Dated thls....................................._~...____.....':"_day.Df...........:..Jan:uar.y..-.............19......... 70 As witness the Seal of the Corporation. ...........~...~......... CIork. ~ ------ . . . a: , .