HomeMy WebLinkAboutKIN 56 1618 Borrowing By-law
I.F. II Rev. July 1952.
GIlt.
Municipal By-law for Current
Expenditures.
63026 PrInted In Canada.
Municipality of........................",...
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BY-LAW No...................................J6~................. ..................................
WHEREAS the Council of the Corporation deems it necessary to orrow the sum of
·..........·..·......·..·....·...~..ft.....n. r""'l1l
_...............dollars. .
to meet, until the taxes are collected, the current expenditures of the Corpor tion for the y~;'
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AND WHEREAS the total amount of the estimated revenues of th CorporatlOfl. as !8t-
forth in the estimates adopted for the year 19..". not including revenues erivable or derived
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from the sale of assets, borrowings or issuance of debentures or from a su rpl s. including ãfréa~s '.
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'NOTE 1-' ft'· .. -- - II ..~r ~JIIII
.... .¡ ~ 0 axes, 18 ..................................J .~..._......JIN'1f' ,..
......... far tho
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::r=:. _~..... .......rsny" .4O..........dollars.
. AND WHEREAS the total amount heretofore authorized to be bo rowed thia yesr for
:'~E'..'~ the purposes mentioned in subsection (1) of Section 341 of The Municipal ia............................
_0) _
tlill yeìr.
.............................:..........................U..........................dollars. of which the Co ration has already
borrowed' a total .of..,..................IIU.................................................................... ......................doll;lrs.. .:..
, ........-
THEREFORE the' Council of The Corporation of the........."-........ ..........................::-~.~..,:
of........................l1IICAIÐ-œ...............................hereby enacts aa follows:
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1. The Head and the Treasurer are hereby authorized 00 behalf f the Corporât¡On to.
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borrow from time to time, by way of promissory note, from the Bank of Montreal. a sum or
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auma not exceeding in the aggregate..................................................................... ....................................
--r1t.lf...r.s.... '!t~''''''1f . CL.I..II..............dollars to meet, until the tax s are collected, the
current expenditurea of the Corporation for the year, including the amo nts required for the
purposes mentioned in aubsection (1) of the said Section 341. and to give, n behalf of the Cor-
pOI'ation, to the Bank a promissory note or notes. sealed with the corpora aeal and signed by
them for the moneys so borrowed with interest at a r;lte not exceeding..... ...........per centum
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per annum, which may be paid in advance or otherwise.
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Seot.341of
Ch_ 243. R.S,O.
1950.
Cur_
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Limit upon
bOO'owll'lQ'
T.....''''''
_'oatlon
01......-
of preceding
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EJullueion
from eetlrnated
.........
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2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the
said Section 341, shall, with interesHhereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
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3. The Treasurer is hereby authorized and directed to apply in payme,.t of all sums
borrowed purs~~ntt8Jhe authority of this By-law, as well as all other sums borrowed in this year
and any previous yea~rom the said Bank for any or all of the purposes mentioned in the said
Section 341, together with interest thereon, all of the moneys heree,Her collected or received on
account or realized in respect of the taxes 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.
Passed tlÍlb:....... !I1t~.:;:.:::·:.~.................:..........day Öf.......~.....~.~...................19...~·
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-CORPORATE
..". _ SEAL
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.-^ .-',."; hereby certify that the foregoing is a true copy of By-law No....~~~..... of the Corpora-
tion of the.................J.~~..............:....of.........~.:~~~.~............ in tlìe ProVin~e of Ontario,
duiy passed at a meeting of the Council of the said Corporation duly held, andl that the said
By-law is in fúlliõrœ and effeCt: . . I
Dated this.........................................................day Of..............'!:.........",.,!...........19..~!
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As witness the Seal of
the Corporation.
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--- ../ CORPORATE
SEAl.
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EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
(1) A council may by by-law .ith.r b.for. or after the passing of the by-law for Imposing~h. rates for the
current year authorize the head and treasurer to borrow from time to time by way of promissory n e such sums as
the council may deem necessary to meet, until the taxes are collected, the current expenditures 0 - the corporation
for the year, including the amounts reqÙiredfor sinking fund, principal a"'nì:fir'lteres~fa11ing due with _ n the year upon
any d.bt of the corporation, school purposes, special rat.s purposes, and for any board, commission or body and
oth.r purpos.a for which the corporation is required by law to prOYide. I
(2) Th. amount which may b. borrowed in any y.ar for th. purposes m.ntion.d in subs.""ion 1 shall not,
.xcept with the approval of the Municipal Board, .xce.d s.v.nty per centum of the total amount ~f the .stimated
revenues of the corporation as set forth in the estimates adopted for the year.
(3) Until such estimates are adopt.d, the limitation upon borrowing p.....rib.d by subsectibn 2, shall t.m~
pOrarily be calculated upon the estimated rev.enues of the corporation as set forth in the estimates :adopted for the
n.xt preceding year.
(4) Forth. purpos.sof subsections2 and 3,.stimated rev.nu.s shall not Includ. r.venues d.rlvabl. ord.rived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of tax" and proceeds
from the sal. of assets.
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