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HomeMy WebLinkAboutKIN 55 1596 Borrowing By-law "NOTE; Insert: am- ount of 08timated revenues for the current year if ad· _.w..... t.... ot' last year. NOTE.: fflSElrt. am- aunt of previous By.law(s) passed this year. LF. 10 Rev. Sept. 1946. Onto Municipal By-Jaw for Current Expenditures. 11569 Printed in Canada. Municipality of Town of KI~CA~~INE .......,......................................................,............... BY-LAW No.. 1-96 ..... ...J. ..... ................................... .............. A BY-LAW to authorize the borrowing of $.... .55..,.9.. Q..9.Q.. ..........-... WHEREAS the Council of the Corporation deems it nece sary to borrow the sum of ................ F' "t ~. . m, d .... .................""',,.. .l.¡,...:'...~.l"~ - ~nousan -----,.,,.,.,,..,·.,,..,,..,,..,,..,,"'.,)~~·......dollars to meet, until the taxes are collected, the current expenditures of th Corporation for the year; AND WHEREAS the total amount of the estimated revenu s of the Corporation as set forth in the estimates adopted for the year 19.-54, not including r enues derivable or derived from the sale of assets, borrowings or issues of debentures or fro a surplus including arrears of taxes, and proceeds from the sale of assets' One..Hulldred. and...Twe.n.tY...Eigt.t....Thollsand .. .. .F.(Ju.r. .f!lltldrE!d .and..3eyen .te en::- ::::.::. ::.:: -. - -::-:-:~~~. ......... ..doilars. AND WHEREAS the total amount heretofore allthorized t 3..11 the purposes mentioned in sllbsection 1.1.1 of Section~of The Mu be borrowed this year for icipal Act is .,................... ............. ,HI .............dollars, of which the Corporation has already borrowed a total of.. ..Ni¡... . ............................................,.. . .....dollars. THEREFORE the Council of the Corporation of the.. ....To. .................. of.... ... Ki~.c:,9,I'.d.ine ...... ........... ...hereby enacts as f lIows: 1. The Head and the Treasurer are hereby authorized on ehalf of the Corporation to borrow from time to time, by way of promissory note, from the B nk of Montreal, a sum or sums not exceeding in the aggregate.... ...-......... ..... ........ ........... ....... ..~::F.ift:.y....f~.:v:~....'J:'h()Wì.él.t:l.d~.~~::oolfàýs to meet, until t e taxes are collected, the current expenditures of the Corporation for the year, including th amounts required for the ::"\,oi:\ purposes mentioned in subsection (1,1 of the said Section '3-39, and t give, on behalf of the Cor- po ration, to the Bank a promissory note or notes, sealed with the c rporate seal and signed by them for the moneys so borrowed with interest at a rate not excee ing........41.....per centum per annum, which may be paid in advance or otherwise. Sect. 339 of Chapter 2&6, R.8.0. 1931. Current borrowings limit upon horrowings Temporary il.ppJication ofestimat&S of precedIng )'&1r EM:iullÍon from estimated revenues 2, All sums borrowed from the said Bank, for any or all of the urposes mentioned in the said Section 339, shall, with interest thereon, be a charge upon the wh Ie of the revenues 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 appl in payment of all sums borrowed pursuant to the authority of this By-law, as well as all other s ms borrowed in this year and any, p(~vious years, from the said Bank for any or all of the purpo es mentioned in the said Section Jâ9', together with interest thereon, all of the moneys hereafte collected or received on account or realized in respect of the taxes levied for the current year an preceding years and all of the moneys collected or received from any other source, which may la fully be applied for such pu rpose. Passed this. Sev~n th ....dayof.. c;-- " u . . _.~.. ,=-;¡e[~~, q- L :i.eynolTI!S' ~ . , r-r :,/(._ . ~.*." 4:) , It. Laute"" e I hereby certify that the foregoing is a true copy of By-law No.. tion oL..T.O.wn...çi·...Kin.car.di.n.e.... meeting of the Council of the said Corporation force and effect. s:; ......19... ,..< c...z;'~ i <./.·~-i a.'J1r 596 of the Corpora- Clerk. . .in the Province of 0 tario, duly passed at a duly held, and that t e said By-law is in full Dated this.. SeventhH . ...day of. Jæ .1J~ry. / ¿- . /" , .,,-J- ,.." - ,. Z -- . ,,'" .". -¿:'¡"..... /Hæ~k?:n-- '.~"Z ....... :.. ...au~e'1S )6er As witness the Seal of the Corporaiion. ('~~- EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 193 . .....19?1.;.· ............... Clerk, t1) A council may by by~law either before Of after the passing of the by~law f r imposing the rates for the current year authorize the head and treasurer to borfow from time to time by way of p omissary note such sums as the council may deem necessary to meet, until the taxes are collected. the current ex enditures of the corporation fOl' the year, including the amounts required for sinking fund, principal and interest fall ng due within the year upon an~' debt of the corporation, school purposes, special rates purposes. and for any boa d, commission or body and otl·,ar purposes for which the corporation is required by law to provide. l2) The amount which may be borrowed in any year for the purposes mention d in subsection 1 shall not, except with the approval of the Municipal Board, exceed seventy per centum of the t al amount of the estimated revenues of the corporation as set forth in the estimates adopted for the year. (3) Until such estimates are adopted, the limitation upOn borrowing prescribed by subsection 2, shall tmn- porarily be calculated upon the estimated revenues of the corporation as set forth in tl e estimates adopted for the next preceding year. 1,4) For the purµos"s of subsections 2 a.nd 3 estimated revenues shall not include r venues, derivable or derived rrO~1 the sale of assets, borrowings or issues of debcntures or from a surplus including a rears of taxes and proceeds from the sale of assets.