HomeMy WebLinkAboutKIN 68 2047 Borrowing By-law
,
LF. II Rev. May 1960.
Onto
Municipal By-law for Current
Expendltu.....
92950 Printed In Canada.
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M unicipality of....J:9.1'm...Qf....UJ}ÇiA;r;:g.~.~......... ..............................
BY-LAW .No............?9.!t.7............................................. .............................
WHEREAS the Council of the Corporation deems it necessary to b ro,!, t/:M!"siJììÌ;~
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..............~.~~.*.~¥....':I:'.!J:.gy.ê.Mm...~~µ~...~...:::....7....~................................,~.~..."'.....dóÍlarè·-
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to meet, until the taxes are collected, the current expenditures of the Corporati~~or Æe ;ea~ ::}
t" ..... ....... "-_
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AND WHEREAS the total amount of the estimated revenues of the rp9fàtjon"as. -set.·'
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forth in the estima~ adopted for the year 19.Q.$.... not including revenues de 'vabl~'~r d~ri~~d
from the sale of assets, borrowings or' issuance of debentures or from a surþlus, including arrears
:'~TE.¡ '~ of taxes, is*....TÞ.X'.tI.fiI...Þ.~d.rgQ....ª1.\Q,...f.1.t'.~y.~~w:º...t.h9.\.!..ªªªº".~...J.9.. .;r....þ.\.!.M..~.~...and
revenues for the
.......or.::; If ad- . . .. 1,' . .. 9'" .. 3 ~
:\:I....,":,,'''''' ...n...n.filty...",¡;¡ ....a.t'III....à.n...... ~....e.IiI;Q.....6.i¡:......~...::'...:::...::'...::-.......................... .................dollars.
AND WHEREAS the total amount heretofore authorized to be borro ed this year for
~o""n':.'.vr;;:;; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act s.......9~~.....:....;.:..
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thb _. .......I:(~ø.n.fl..: ;hQJas.åwi...:.:~..:..".:.""...................dollars. of which the Corpo ti~~'alr~~ .
'. '. . ~ -- -::. ........:...-'":-
.. borrowed a total of...........:U.x:t.y.::-.fiy.e....thouaand.......................................... ...::>......2..t'!IIII0. -..
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THEREFORE the Council of The Corporation of the.........To:wa.............. .:..:'~............":;;-....:::- .:
~~- /-....- -..........-., ...--
of.........~.:!.!.\Ç.IU-ø.ia.................................................hereby enacts as follows: - n- ..."
1. The Head and the Treasurer are hereby authorized on behalf of t e Corporation to
borrow from time to time, by way of promissory note, from the Bank of M ntreal, a sum or
sums not exceeding in the aggregate........~.~y.~t.b.9.¡,u!ª'nQ...dQ1la.rÂ'l...... ....~...~................
....................................................................................dollars to meet, until the taxes re collected, the
current expenditures of the Corporation for the year, including the amounts required for the
..
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purposes mentioned in subsection (1) of the said Section 329, and to give, on ehalf of the Cor-
po ration, to the Bank a promissory note or notes, sealed with the corporate s I and signed by
them for the moneys so borrowed with Interest at a rate not exceeding...º...t... .........per centum
per annum, which may be paid in advance or otherwise.
_329"
~~
eum.o
-...
LimIt upon
borrowings
LImit at
any one
Urn..
Treasurer
tofurniah
lender with
ODpy of By~law
Temporary
application
ofestimat88
of preceding
-
Exo'......
from estimated
.........
,
2. All sums borrowed from the said Bank, for any or all of the pur ses 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 w en such revenues are
received.
3. The Treasurer is hereby authorized and directed to apply i
borrowed pursuant to the authority of this By-Jaw, as well as all other sum 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 ìnterest thereon, all of the moneys hereafter c IIected or received on .
account or realized in respect of the taxes l6fied for the current year and receding years and all
of the moneys collected or received from any other source, which may lawf IIy be applied for such
~~""'--"
_--. 'J"~':';P~~is................f..9.~.~ª...................................day Of.....c?~.Ç,~.~b ..r~......................1,9..º.$.
..'" "":.r ;:;; ..- - - - - - , . =.-- Æ-
...........;;: - --:. """"
: ~ - ~~RÂTE ............................ .......":.. .. . .. ..... . .. ...t.........
:...... ~ - ~ (The oft CorPØl"
-:""';':r :.,-- . = -_:.:' : ...·c..· ~R'" .:. ...r"r"i·t· t . ....... .... .....................
"'--:.:..::: _,-,..._'" ~' ~Îf:~·Vé·: Clerk.
'.... . r tié~ebY certify that the foregoing is a trUe copy of By-law No....;2-º. 1......of The Corpora-
tion of the..........r..9.~...........................of...........~.~~Ç.fg·SU~!L.............in th Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duly h rd, and that the said
By-law i, in full force IInd effect. , _ " _'
Dated this.................f!?~~,g........."...."'............:....day oL.......ºÇ:!!.~. .~r................:..19...º8.
As witness the Seal of
the Corporation.
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- ..-...;:-
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~~-'. ,). _. ~ .....~.-
: v _ CORPOft4TE
- -.- ~ - SEAt'
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~l~rrlt
Clerk.
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-:;."(, -:. ..:.~ . EXTRACTS FROM THE MUNICIPAl ACT R.s.O. 1960
...... if .". . ".". -
-'~'. -': <!> '..À coUncil may by by-law either before or after tho passing of the by-law for IIJIPosing the ra188 for the
'oùuen"1 ~, aùthorizo the head and treasurer to borrow from time to time by way of p soory note such sums as
the ÕÕúricìl may deem nsœssary to moet. until the taxes are collected, the current expe dltures of the corporation
for the year, including tho amounts required for sinking fund, principal and interest fallin due within the year upon
any debt of the corporation, ochool pu_, special rates pu_, and for any boar commiaslon or body and
other pu_ for which the corporation is reqUIred by law to provide.
(2) The amount that may be borrowed in any year for tho purposes mentione in subsection 1 shall not,
except with the approval of tho Municl Nli Board, excood 70 per cont of the total amount 0 the estimated revenues of
the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 1 (1,2).
(3) .:rho..amount thet ma~be borrowed at any pna time for the pu_ mention In subsection 1, together
with the total of any similar borroWings thát havo not been repaid, shall not, except with approval of the Municipal
Board, excoed 70 per cont of the uncollected balance of the estimated revenues of the co ration as sot forth in the
estimates adopted for tho year.
(4) At the time, after the 30th day of June in any year, that any amount is bo
treasurer shall fumish to the lender a copy of the by-law" authorizing the borrowing an
nature and amount of the estimated revenues of the current year not yet collscted or,
year havo not been adoptsd, a statement showing tho nature and amount of the estimated
as sot forth in the estimates adopted for the next preceding year, and also showing the to
under this section that have not been repaid. 1958, c. 64," 23 (I).
(5) Until such estimates are adopted, the limitations upon borrowing prescribed subsections 2 and 3 shall
temporarily be calculatsd upon the estimated revenues of the corporation as sot forth in th estimates adopted for tho
next p.....ding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2).
(6) For the purpose of this section, estimated revenues shall not include reven derivable or derived from
the aale of assets, borrowings or issues of debentures or from a surplus including arrears taxes and proceeds from
the sale of ....18. R.S.O. 1950, c. 243, s. 341 (4); 1958, c. 64, s. 23 (3).
"N.B. If there is sufficient available under existing by-Iaw(s) to provide for the f h assistance required
a now by-law Is not needed.
",.
ad under this seotion, the
a statement showing the
re the estimates for the
venues of the corporation
of any amounts borrowed
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