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Home My WebLink AboutKIN 68 2018 Borrowing By-law LF.:18 Rev. May 1960. Ont. MuniGipal By-law for Current Expenditurea. 92950 Printed In Canada. . Municipality of.........r..~...9.f.....!ÇJ.NÇA.m;U:..... .................................... BY-LAW No..................?º¡~................ ................. ..................................... WHEREAS the Council of the Corporation deems it necessary t borrow the sunr o( ~ 1_- - , ~_ r ...........:::~.::.~.ª.;.~.;y...~.hº'~.ªªD-.4...º.Ç!~J:..ª....r.§......:':"::::::::::".:7.77...~...::-....::. .................."."";~......dollar. /_- to meet, until the taxes arecollected,..the. current expenditures of the Corp ration fouhe Ÿèú; : ...~..." - - . , .. , .. , .. AND WHEREAS the total amou.nt of the estimated revenues of t e Corporatfon.-as {lèt- forth in the estimatës adopted for the year 19.6.$.., not including revenue' derivable or derived from the sale of assets, borrowings or ísSuanceof debentures or from a sur lùs, including arrears two :.::~ ':r...:.:¡ of taxes, is·....~h~~...Þ.1.H!.g.~.4....ª.I]g,...f,;j,.f.t.y.A.Þ...9!J.$.ªJ).~......f9.Y. ..Ju.mg.r.es;\...l!.mL r8V'8ntt88 for the . ~~.~ ...~.i.i1:~.~.Y....4.!?))&~:.:.ª.~Q,...9)....ç.el\jf.I?...-::~...............:........................... .........................dollars. AND WHEREAS the total amount heretofore authorized to be rrowed this year for .'n~ the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is........~y;.::,,>" "'10_. , ,', I ' -_' _. .........................:t:.ho.u.sand.-.;....:............:.....:..................dollars, of which the C~rporati~ h~al!ea~ :. ': "'" I - .. - -. borrowed a total of........X.~.~Y....~.þ.~~I?ª.r¡.g......::-....::...:::...::'........................L...........:.........::dollarf. ::.: ! ./ ~ -, ~ THEREFORE the Council of The Corporation of the........."..!?.Im.......I.................~:....,:.......~... ' i of.............~!r¡.!;.ª.r.g;!.J\!i!...........................................hereby enacts as follows~ 1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to bOrrow from time to time, by way of promissory note, from the Bank 0 Montreal, a sum or sums not exceeding in the aggregåte;.......ß.~.~y....~.~.~:u.~.12..!1:~...ci.?:l.~.!l. ..~.................................. ....................................................................................dollars to meet, until the es are collected, the -. . current expenditures of the Corporation for the year, including the amo nts required for the purposes mentioned in subsection (1) of the said Section 329, and to give, on behalf of the Cor- po ration, to the Bank a promissory note or notes, sealed with the corpor e seal and signed by them for the moneys so borrowed with interest at a rate not exceeding..... .7.ì:...........per centum per annum, which may be paid in advance or otherwise. _32901 Çhaø. ~L.. R.&O. ,.... Current borrowi... Llmft upon borrowmgs Limit at any ... time. Treasurer to furnish lender with copy of By-law Temporary application o'-estlmates of preceding - Exclusion from estimated ,........ 2. All sums bOrrowed from the said Bank, for any or all of the pu es mentioned in the said Section 329, shall, with interest thereon, be a charge upon the whole f the revenues of the Corporation for the current year and for all preceding ysars, as and wh n such revenues are received. 3. The Treasurer is hereby authorized and directed to apply in ayment of all sums borrowed pursuant to the authority of this By-law, as well as all other sums orrowed in this year and any previous years, from the said Bank for any or all of the purposes entioned in the said Section 329, together with interest thereon, all of the moneys hereafter col ected or received on account or realized in respect of the taxes levied for the current year and p ceding years and all of the moneys collected or received from any other source, which may lawful y be applied for such _ .!urpose. .- -i~"~ . -p~ed thiS............!!i~~.~~~!1~.~:::........................day Of.......~AP.~ ..............::...,.~ 19.~.ª.. ............ -- -- 4- f _ _ - CORPORATE ................................. ........ .................................... _ _ SEAL F. Wieck (Tho of'M porotlonJ :,-~ ~ .., -."..... ...... -:: v , ,<- ,··..·e·~Fr;..· r' . t·.......· .... .......Cl".. -<.' . .. -, I hereby certify that the foregoing is a true copy of By-law No........~. l~...of The Corpora- ~~~ o~a~hs~d..~~::~~i¡~~·,·~ft¡;~..ë~~~iï;¡~:·~~:¡¡~~:~;~t¡~~"d~:~ ~~~~~~n~~:: ~:~~ By-law is in full force and eff~ct. \ ' ' , I Dated this............p.i!1~.1;¡.~~!!:!!~...............~.......,...day ot.......AP. r.t:J:.. ............. .......¿. .19.§~.. As witness the Seal of Jhe- Corporation. ...........~......... C.R. ~rrit1to CIer.. ,....:..,Þ._'e _ .-7.1".. -- .....",' -- ~ --., ~ ................ ~ - - .... - ~~TE - - "- - , ~-,'../ - ExTRACTS FROM THE MUNICIPAL ACT R.B.O. 1960 w' _" . -. (1) A rouncll may by by-law either before or after the paoalng of the by-law for' posing the rates for the current year authorize the head and treasurer to borrow from time to time by way of')iom ory _suol1 sums as the oouneil may deem necessary to meet, until the taxes are 0011_, the current expen itures of the oorporation for the year, including the amounts required for sinking fund, principal and interest falling ue within the year upon any debt of the oorporation, school purposes, spec¡aI rates purpooes, and for any board, mmisslon or body and other purposes for which the COI'IOration ie reqUIred by law to p....ide. (2) The amount that may be borrowed in any year for the purpooes mentioned i subsection 1 shall not, except with the app....al of the MuniGipal Soard, exceed 70 per cent of the total amount of t e estimated revenues of the oorporatlon as set forth in the estimates adopted for the _. R.B.O. 1!15O, 0. 243, s. 34 (1,2). (3) The amount that may be borrowed at any one lime for the purpooes mentioned in subsection I, together with the total of any similar borrowinge that have not been repaid, shall not, except with the roval of the Municipal Board, exceed 70 por cent of the unooll-.l balance of the estimated revenues of the 00 ration as set forth in the estimates odopted for the year. (4) At the time, after the 30th day of June in any ~r. that any amount Is borrow under this section, the treasurer shall furnish to the lender a copy of the by-law authorizing the borrowing and statement showing the nature and amount of the estimated revenues of the current year not yet oollected or, wh re the estimates for the year have not been odopted, a statement showing the nature and amount of the estimated re enues of the oorporation as set forth in the estimates adopted for the next preceding year, and also ehowing the total any amounts borrowed under this section that have not been repaid. 1958,0. 64, S. 23 (1). (5) Until such estimates are adopted, the limitations upon borrowing prescribed by ubsections 2 and 3 shall temporarily be calculated upon the estimated revenues of the oorporation as set forth in the Imates adopted for the next preceding year. R.8.0. 1!15O, 0. 243, s. 341 (3); 1958, c. 64, s. 23 (2). (6) For the pu_ of this section, estimated revenues shall not include revenu.s erivabie or derived from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from the sale of aseetø. R.B.O. 1!15O, 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 fres assistance required a new by-law Ie not n_. ~ · · . · ·