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Home My WebLink AboutKIN 71 2210 Borrowing By-law L.F. SI Rev. May 1960. Onto . I I I Municipality Of................!!?~...2f...~.~!?~.~.;~!............................. BY-LAW .No.........................~.~;!.;º.............................)................................ WHEREAS the Council of the COrpo~ation deems it necessary to ~orrow th~~~~ of - . A- ,. ~ ..........:::::'.::'.~.~!.!~~r::'.¿,.~:!!...~.~.~~~~.~.........::'....:...:::...::'...:::...::-....:....:...:::t:.n:;..,.....:....~1'!I :-..:> ..-:.- ~~",. to meet, until the taxes are collected, the current expenditures of the Corpora~n f! t~ ~r;:: ~ AND WHEREAS the total amount of the estimated revenues of thèJe-.ørp;':ation.:ä:s-$.~j ..". ........._- I- ¿'~. ...,- forth in the estimates adopted for the year 19..7.;\" not including revenues dþ;¡VabÌ~-or<ie;hÎ~d Municipal By-law for Current Expendilu.... 98812 Printed In Canada. from the sale of assets, borrowings or issuance of debentures or from a surplu ,including arrears , :~"~TE.,¡ I~ of taxes, is·...fº:\!..r....!;I,y.mb:~ç....~ng,...j;.bJ..r.t.y.::".ø~~...j;.hºMAiI¡mQ..a...9. ~....hw;l,g,~tl9......... revemteS for the cu""nt r.:::; If ad- . gr~,:..,~ _. ....Uç....th1.r.\t:r...:PAe...:::...:::...."...:::...:::..."...:::...:::.............................................. ....................doll.a,~¡~. AND WHEREAS the total amount heretofore authorized to be bor+wed this ~r;fo;;...I'-':/> ,.. .~ the purposes mentioned in subsection (1) of ,Section 329 of The Municipal At is.......#....~..'ii: S ~..~ IIiIo _. .Þ.~!!-.r.~~...~.!!-....~~.;.j;.Y.....~~!?µ.~~!:t..t:-.'::'.......dollars, of which the CorPtratlon ~ready .:: <....: ,:, ,f: ¡ .__ ~'''_ ___",_ _/, '..__- borrowed a total of...çm.~...bMç.~.~Ø...a.nd....si.xti1...tho.u.sand........"'''' . ...................irall~rs. .'. . ~ THEREFORE the Council of The Corporation of the...............~..... ................................ of............K~.~~ª';r.ç.;ùle............................................hereby enacts as follows: . 1. The Head and the Treasurer are hereby authorized on behalf of he Corporation to I borrow from time to time, by way of promissory note, from the Bank of ~ontreal, a sum or sums not exceeding in the aggregate......ß~y~.~.~;y::::f.;!..1!'.~......j;.~.9.M...a.nç.:+::::::".."..~................ :;:=:~:~~~:::::;~·:,~~:~:~~.:..i ':== ~~ purposes mentioned in subsection (1) of the said Section 329, and to give, onlbehalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the corporate 1eal and signed by them for the moneys 80 borrowed with interest at a. rate nPt.8Xceeding........~t~........per centum per annum, which may be paid ¡nadvance or øtIIe'rWlse. I I . 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 rßvenues of the Corporation 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.Yß,rs,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 realizE!d in respect of the ~ßs 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 purpose. f "-/i,'l.,_,-<,,-__ ';I ( ;:'~~.:..tlùs............,,~~~.!.~~~~.............................day of..........P..EI~".~.e.:r,.............19?~... ..~,,--.~::-. i/~;..- .. . _. - ~J1Ar¿_ -f! l1~ : ~2 co;SPJ#'~ . ....~..,-~;;;iiu.~¿;:..~......., ~:. :; -: ;-; ~~ -->_A'~'Qv :.. ~_ :;'.' ~....: ~.~..tIC..~·......£L:~...··ÕI;:k...· :.. -'./' ....... -. /~. - ../,.,' 22~O - -~-, J lÏe~Þ.v-tertify that the foregoing is a true copy of By-law No.....................of The Corpora- tion of the................:;~~............"."....of........~.~.t?,~~~~~.................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 if! full fo!'CII andE!{fect, - . seventeenth December 71 Dated this...................... ............... ............. ,.... .......,.....day of ~....",. ..~..... ..,... .=... ,..... .......... .19. ........ ;:~.~::..':.., -,.',,:"\1. - 1[.> J~:''' !;......As Wlt'i!:!lsa the Seal of ::.~ -; the..Col'I!9ration. ..-=- "- ~ ~ > - - """:'" .........~~..~........... __~.--....,.:.. . Clerk. ..., - :../' .:;:.. .......... --. /\ - .:..'....--~... __" r··".....;'" .~__.... _ _ _......; _ ._.... _-< -CORPORATE - ->.., - . >; ...... SEAL _129 01 ~~ CumnI -... LlmR"- ...-... LImit at ony 0" time. ~~ lender with copy of 8y.1aw T_ appr_ Of_ Of""'''' - ...- from elthnated rØVGOuea, 'EXTRAC'!:3FF1OM THE MUNICIPAL ACT R.S.O. 1980 (1) A counCil may byb¡t-laW!II~r.~re or after the passing of the by·Jaw for,lmposlng the· rates for the current year authorize the head and InIasurer to borrow from time to time by way of promissory'notesuch sums as the council may deem necessary to meet, until the taxes are collected, the current expenditure. of the corporation for the year, including the amounts require,d for sinking fundI principal and interest falling due within the year upon any debt of the corporation, sohool PU,rpoeeI,special.rate8 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 borrøwed in any year for the purposes mentioned In subsection 1 shall not except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the estimated revenues 01 the corporation as set forth In Ihe estimates adopted for the year. R.S.O. 1950, c. 243. s. 341 (1, 2). (3) ~.¡,.....--ttbatmaybe.Þerrowéd 'ai anyonè>time ftlr the purposes mentioned in sutjsectlon 1 together with the total of any similar borrowings that have not been ~d, shall not, except with the approval of the Municipal Board, exceed 70 per cent of the uncollected balance of thèestimated revenues of the corporation as .et forth in the estimates adop1edforthe year. .- .. - .- treasu~~ Sh~1 ~~~eÍo~~ :~~~ ~yolJ~~: ~~.~~~r.":{~~~i~~yt~~~~~i~r::re: ~~:.::.~~ s=~~ :::: nature and amount of Ihe estimated rllVSnwiS of the current 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 a. set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed under this section that have not been repaid. 11158, c. &4, s. 23 (1). (5) Unfll~estlmateu.re adcp1ed, the limitations upon borrowing prescribed by .ubsectlons 2 and 3 shall temporarily be calculated.,upon Ihe ~revenues of the corporation as set forth in the estimates adopted for the next preceding year. R.S.O:'1B@, c. 243;.. 341 (3); 1958, c. &4, .. 23 (2). . (6) For the purpose ofthi.~·· tion, esti.mated revenues .hall not include revenueo derivable or derived from the sale of assets, I!I>ri'owing. or I.. '. ebentures or from a surplus including arrears of taxes and proceedsfrom Ihe sale of assets. R.S.O. 1950, c. 243, .. J 1958, c. &4, s. 23 (3). . °N.B. If there i. sufficient available ~nde;êxlillll!i)y·law(.) to provide for the fresh assiSlance rec¡uired a new by-law is not needed. . ~c . --- " , ;,~ . . " . .