HomeMy WebLinkAboutKIN 69 2059 Borrowing By-law
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L.F.SO Rev. May 1960.
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Municipality .of........r.!?~...!?L.~.~!:\.9.ê-.!.::!JB~.........L.........................
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BY-LAW NO............?~??...............................................j............................
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
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to ml!et, until the taxes are collected, the current expenditures of the corporatio~ ~~hÒ8llr; ~ ~\
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AND WHER~S the t0Ï!lI~mount of the estimated revenues of the C1~~ti;n ~~\.....,,:_..=
forth in the estimates 'adopted for the year 19..Q~, not including revenues deri' abÎif~r}ãri~---
Municipal By-law for Curront
Expenditures.
98812 Printed In Canada.
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from the sale of assets, borrowings or issuance of debentures or from a surplus, i eluding arrears
:~~.¡ '':'i'..:.'d of taxes, ..is*......f..º).u:...h\mdr. ¡.Ii....<I.nò....nin.e.t.1.::.¡¡~y.s.n...t.bJilu.s.and.,.. .ou.r...hu.nd~d
revenues fOr the
current year If ad-
.......~not,_.
01""'_.
and
....:....J.o.:r.J;y....dx...a.nd..:.......::-...::-....::-....::-.......................................:...23/100....... ...............dollars.
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AND WHEREAS the total amount heretofore authorized to be borrowbd this year for
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NO. TEl: Ins'" ,.... the purposes mentioned in subsection (1) of Section 329 of The Municipal Act il..........li~ '-:..~..:".
oon ~O~ r ~-~,
..,.., .- I..;.' ro'
th J ..~ ~-. '0 ~ - '""'" /" ~
.....................................~..·.:...............:....:...........................dollars, of which the Corpor4ioll..'lÌas alre~ ......;..-.
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borrowed a total of....................................... ............................................................¡,.."'.......:::doflal'&..;" -
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THEREFORE the Council of The Corporation of the.........1.QYm............... ..:,.::;.:,_~......::"..'- .'.'
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of...............!}.:!,I\.Ç.ªr.4.1;Qfil..........................................hereby enacts as follows: I
1. The Head and the Treasurer are hereby authorized on behalf of tht Corporation to
borrow from time to time, by way of promissory note, from the Bank of M01treal, a sum or
sums not exceeding in the aggregate......~~...Þ.].g!.4.r.~g.....ª.!1~...!?J~Y....1?hg+~~~~L.::::::.......
.....................::::::::::::::::...............................................dollars to meet, until the taxes Je collected, the
current expenditures of the Corporation for the year, including the amounts ~eqUired for the
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purposes mentioned in subsection (1) of the said Section 329, and to give, on b~half of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate sejl and signed by
them for the moneys so borrowed with interest at a rate not exceeding...Ql...............per centum
per annum, which may be paid in advance or otherwise. I
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Sec.329of
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c...nnt
botrow'oIIlfIB
limit upon
borrow....
Limit at
anyone
time.
T reaaurer
tofurniah
lender wIth
copy of By-law
r;',=
of eetimatee
of preoedlnø
....
Exclusion
from estJma1ed
revenU81
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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 tile 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 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 year§.f.rom tl1.e.s.iid Bank for Jlny 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 Ie'(ied for the current year and preceding years and all
of the moneys collected or received from any other source, which may lawfully ~e applied for such
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. .;.- Fassed this...............~.þ..;.r!!.......................................da>' of ....A~!:l~~.r.Y..:..................19..~?.
...... -" , . .~.. '-,- -- _ .. - - - - - ~ ¡ _, _ S..-~
:-::''':: ~tE ......7:J.~~.. ~. .~....~. ............. I..... .'<.....................
_ ~ SEAt: 01 the
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.. .;;,..' .~..I.lJerèby certify that the foregoing is a true copy of By-law No.....................of The Corpora-
tion of the...................~.~.~..................of.........~~.~.~.~~.i..~.~.................in the Pròvince of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and that the said
j3y-law is in filII fo~c.e caRl! ef;teot.
Dated this........ë.:f...::.~h;i..m... ........ ......... ........... ..u.day Qf..~~!:\ ~.r.Y........ oj:....... ..," ....19J?9...
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.) D.L, Young
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.....k.
As witness the Seal of
the Corporation.
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_ ~ _ J:øAl'ðAATE
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.~..7.~/1:.:. '. ~.~.................
C.R..r.¡fë'~V.t?.... Clerk.
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.~ -....' _ . (1) . 'Ã -"'uncil may by by-law eith.r, beforo or after the passing of the by-law for .¡mffii' ing the rotea for the
current year authorize the head and treasurer to borrow from time to time by way of1mm1i note such sums as
the council may>ifeem neoossary to meet, until the taxes are collected, the ourrent expenditu s of the corporation
for the year, including the amounts required for sinking fund, principal and interest falling du within the year upon
any debt of the corporation, school purposes, special rates purposes, and for any board, COnlmisslon or body and
other purpoaes for which the corporation is roquired by law to provide. ,
(2) The amount that may,beborrowed i.. any year for the purpoaes mentioned in s~bseotion 1 .hall not
.xcept with the approval of the Muñicipal Board, .xceed 70 p.r cent of the total amount of the <!stimat.d revenu.. 0'1
the corporation as set forth inth. estimajes adoptad for the year. R.S.O. 1950, c. 243, s. 341 (1,2).
- (3) .,Theamount that l 1ày bè bor¥ÔiNed at anyone time for the purposes mention.d in ~bsection 1 tog.th.r
with the total of any similar borrowings that have not be.n ropaid, shall not, .xcept with the app. val of the Municipal
Board, exceed 70 per oont of the uncollected balance of th. estimated revenu.. of the corporat n as s.t forth in the
estimates adopted for the y.ar. . ", .. - -
(4) At the tim., after th. 30th day of Jun. In any r.ar, that any amount is borrow.d und.r this section, the
tr.asuror shall furnish to the I.nder a copy of the by-law authorizing th. borrowing and a ....tem.nt 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 be.n adopted, a statem.nt showing the naturo and amount of the estimat.d rov.nues of the corporation
as s.t forth in the .stimates adopt.d for the n.xt p.....din t year, and also showing the total of /IfIY amounta borrow.d
und.r this section that have not b_ repaid. 1958, .. 64, s. 23 (1). ¡
(5) Until such estimates are adopted, the limitations upon borrowing prescrib.d by subSections 2 and 3 shall
temporarily be calculated upon the estimated rov.nues of the corporation as s.t forth in the estimates adopted for the
n.xt proceding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2).
(6) For the purpose of this section, .stimated rovenues .hall not include revenu.s d.rlvabl. or d.rived from
the sale at assets, borrowings or i~es of debentures or from a surplus Including arrears of taxes and prooeeds.from
the sol. of ass.ts. R.S.O. 1950, c. 243, s. 341 (4); 1958, c. 64, .. 23 (3).
'N.B. If th.ro is suffici.nt availabi. und.r existing by-Iaw(s) to provide for the fresh assistance required
a new by..law is not needed.
EXTRACTS FROM THE MUNICIPAL ACT R.8.0. 1960
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