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Home My WebLink AboutKIN 68 2007 Borrowing By-law . L.F.IO Rev. May 1960. Onto Municipal By-law for Current Expenditu..... 98812 Printed In CanIda. Municipality Of...............r.WW....Qf....¡q:.!{Ç;~@.!.$.............................. BY-LAW No.......?Q-º1.................................................L............................. · · WH EREAS the Council of the Corporation deems it necessary to b~rrow the sum of ............. ..::. ::.:::::.::.:: Jr..Q. r.tY.... t.b.o.u.¡¡,¡md....d.Qlla.r.¡¡......::-. ::-.::.::."'.. ............. ........I....................dollars to meet, until the taxes are collected,J,¡e curreQt expenditures of the Corporation for the year; AND WHERE~S the total. amount of the estimated revenues of the þorporation as set v ! forth in the estimates adopted for the year 19.67.., not including revenues d1rivable or derived from the sale of assets, borrowings or issuance of debentures or from a 'surplu~, including arrears i ~~¡ ':''= of taxes, is·.....'J:xI:9....Þ.-.1,!..nº'.r.ê.g....ªnº'...!ìJm~~.y.::.~.:j,g!:\~....1;h.9.)MiÆ!g......+.Jgh~..J¡.1,!..ng.~d ~eve for the --., i CI.rI' ir ad- \. - t:..1. .- _ I ._~ those ...:..~.Þ.* .r:tf.Y.::f..9.~r.:. .9,)]9... ....?y. .10'Q........ ......... ......... ...::-. ::-:::.:::-::.. ............... .....+.. ........... ....dollars. I -. AND WHEREAS the total amount heretofore authorized to be borr1wed this year for ~:oI'no::ev~'::; the purposes mentioned in subsection (1) of Section 329 of The Municipal Act is......,,'-::.:..,.....,....... 8y.4aw(e) paesed _ . i .. .; -- - I'" r tIiio _. ~i4. h· h C ,,,,. '. /' . ...........................................................:.....:........................dollars, of w IC the orpQr4tion has"}Jr~ i-. .:.; ~~ "1 .... ....... _ ,,;.., -: borrowed a total of.......................................~.*.............................................................¡,......z...:...QØllars; : - -........- -. v - ............ - THEREFORE the Council of The Corporation of the.................!'.~~.:J.:""".,.........."<~...~^::".: ~- .. -.,~:-('- - "',.' ...-- of..............~~.~.9.!!:.:æJ.~ê...........................................hereby enacts as follows: ; - . ..... - I 1. The Head and the Treasurer are hereby authorized on behalf of ¡he Corporation to I ::~::::::c~:::~ntit::, a::r::e~...~.r~.;:;;y.~~.~:.:.~:.~:~:.n~a~;.;~.~~;.:~.::::.~...~:.~...~.~ · , ....................::.::.::::::::..................................................dollars to meet, until the taxe1 are collected, the , current expenditures of the Corporation for the year, including the amoun~ required for the purposes mentioned in subsection (1) of the said Section 329, and to give, on ¡behalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the corporate ~eal and signed by I them for the moneys so borrowed with interest at a rate not exceeding......J!.j............per centum I i I I I I I I . . per annum, which may be paid in advance or otherwise. and -..... ~~oio Current -... Limit upon bo_ Limit at any one Ume. T_ tofurnlah lender with copy of 8y.law :.= 01 estimates 01 ".cedIng - Exctuaton from_tmated revenuee 2. All sums borrowed from the said Bank, for any o(all of the purposef mentioned in the said Section 329, shall, with interest thereon, be a charge upon the whole of t e revenues of the Corporation for the current year and for all preceding years, as and when uch revenues are received. i , 3. The Treasurer is hereby authorized and directed to apply in pa*ment of all sums borrowed pursuant to the authority of this By-law, as well as all other sums bo~rowed in this year and any previous years, fro,m the said Bank for any or all of the purposes meitioned in the said Section 329, together -with interest thereon, all of the moneys hereafter collec ed or received on account or realized in respect of the taxes levi~ for the current year and prec ding years and all of the moneys collected or received from any other source, which may lawfully e applied for such ~~& ~ Passed thiS................§.~.~::-.;?~...::......................;........day of. .......!!.ª.n~ª.r.t:..~..::..... -:"" 19~ª.. ..............................?K........... ....... ....................... F. Wieck (TheH......... n.) ......·..·C~·tt..i Clm. I hereby certify that the foregoing is a tr'fle copy of By-law No.....~.?o.?.I...Of The Corpora- I ~~~ o~a~s:d..~t..;..;;;!:¡:..~ft¡;~..C¿~~~iï··~f1h~·Ç~i~t~;:~;~ïi~~··d~\~ ~:r:.t~~~~:: ~~~~i~ 6y-law is il1full forc~ and effect. c i Dated this.....................~,!<.9n!;\..............................day 1)f.......J.ªD,µ¡¡..r.'Y...+..........."....19.~... CORPORATE SEAL As witness the Seal of the Corporation. i ......... ..¿~...~:.... ,)?t..... 7C:·R~Me·~~¡{·I~·~I;k. i I I ---........ --, -'_¥ ~. "~ ~ ~ - ~_..-:~;~-- ~'" ,;-" :::/ ...... - - -:,... ~- CORPORATE,.-' -:: :: ~~ -- ....- ..- -. ~ .' ~~-::"..r -::. ;;;.-::.:L EXTRACTS FROM THE MUNICIPAL Acrr R.s.O. 1960 ...~, -, '........, - ---,,'- ~~ - --~lt}.. Ãtlðu!'ÇIl may by by-law eltherbefore or after the.p...ing. of the by-law fc¡r Ù!' currei1t--yea.r authonze the head and treasurer to borrow from time to time by way ofl)roml ry'note-such sums as the council may deem necessary to moet, until the taxes are coll6Ct6d, the current 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, co mission or body and other purposes for whioh the corporation is requIred by law to provide. . (2) The amount that may be borrowed in any year for the purpos.s mentioned in s bsection 1 shall not, except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the stimated revenu.s of the corporation so set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 341 (1 2). (3) :rho amount that may be borrowed:at anrono time for the purposes mentioned in ubsection 1, together with the total of any similar borrowings that have not been repaid, shall not, except with the al of the Munioipal Board, exceed 70 per cent of the uncolleoted balance of the estima1ed revenues of the corporat on so sat forth in the estimates adopted for the year. I (4) At the time, after the 301h day of June in any~, that any amount is borrowedilider this section, the treasurer shall furnish to the lend.r a copy of the by-law authorizing the borrowing and a alement 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 been adopted, a statement showing the nature and amount of the estimated rave B8 of the corporation so set forth in the estimates adopted for the next preceding year, and also showing the total of y amounts borrowed under this section that have not been repaid. 1958¡Ð. 64, 8. 23 (1). (5) Until such estimates are adopted, the limitations upon borrowing prescribed by su temporari Iy be calculated upon the estimated revenues of the corporation as set forth in the esti next preceding year. R.S.O. 1950, Co 243, s. 341 (3); 1958, Co 64, s. 23 (2). (6) For the purpose of this section, estimated revenues shall not include revenues deri able or derived from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of s and proceeds from the sale of ....ts. R.S.Ò.19.'iO, c. 243, s. 341 (4); 1958, Co 64," 23 (3). ·N.B. If there is suffiolent available under existing by-Iaw(s) to provide for the fresh J,istance required a new by-law is not needed. I i .1 · 68 · . . ·