HomeMy WebLinkAboutKIN 54 1568 Borrowing By-law
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LV. 11 Rev. Sèpt. 1946.
Ont.
Municipal By-law for Current
Expenditures.
11ð89 PrInted in Canada.
Municipality of..........'r9.w.11....Q.f... L~.CARDI.NE....................
1568
BY-LAW No..................................... ........................................._
A BY-LAW to authorize the borrowing of $...5.5.~.O'Qº...Q
....................,........................
WHEREAS the Council of the Corporation deems it neces ry to borrow the sum of
.......................... ............. .:,:,::::::!.~. :f.~.y.... ¥.tv:~... .Th9.\!.. ê.@,g::-.-::.-::.7:::::::::-... ~ ."::."::::-. ::-.~.-::.":: ...;JQS;..diltlars
to meet, until the taxes are collected, the current expenditures of the rporation for the year;
AND WHEREAS the total amount of the estimated revenues of the .Corporation as set
forth in the estimates adopted for the year 19...5:3, not including rev nues derivable or derived
.;.
from the sale of asseta, borrowings or issues of debentures or from surplus including arrears
~TE.¡I,=,~ of taxes, and proceeds from the sale of asseta·..';'.-::.-::Qn.'¡...R:undr.e ..an.d...T:We.nt.y...F.our
NV8I'IUIt for the
;s'~ fth::; ..Th9.\!..êa,z),g~....¡¡.~.y'~!'),. ..;:\µp.q¡;:~.4....ª]:Ht..1);j,,g4.t.y. ..Eight".".." .."'".."."..".~46.....,.dollal'8.
AND WHEREAS the total amount heretofore authorized to e borrowed this year for
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:i.~TE:ofl"';'evI':.'::; the purposes mentioned in subsection (1) of Section ~ of The Muni 'pal Act is................;..,......
8y-Iaw(e) puaed '. - *
th~_. Nil . . : d
.............................................:............................................dollar5, of whIch t Corporation has alrea y
borrowed a total of... .......:N.:i...J,.... ................................... ............. ...... .............. ................................dollars.
THEREFORE the .Council of the Corporation of the............~()... .............................................
of........."...........~!J..ç.a.¡;',ç!.ine..................................hereby enacts as foil W5:
1. The Head and the Treasurer are hereby authorized on be alf of the Corporation to
borrow from time to time, by way of promissory note, from the Ba k of Montreal,. a sum or
sums not exceeding in the aggregate............................................................ .............................................
---Fif'Ry...)r!,.Y.~...Th.9.\g!AAd.::-.-::.-::"..".."..XX........dollars to meet, until th taxes are collected, the
current expenditures of the' Corporation for the year, including the mounta required for the
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purposes mentioned in subsection (1) of the said Sectio~ aæ, and to ive, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the cor rate seal and signed by
....
them for the moneys so borrowed with interest at a rate not exceedi g........4t.........per centum
per annum, which may be paid in advance or otherwise.
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Seot. 339 or
Chaøt" 286, R.S.O.
,..,..
CumIn!
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L'........
borrowinga
T_IIY
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of pnoeding
-
ExclUSion
from eatfmated
.........
2. All sums borrowed from the said Bank, for any or all of the pu
sa.id Section 339, shall, with interest thereon, be a charge upon the whol
Corporation for the current year and for all preceding years, as and w
received.
oses mentioned in the
of the revenues of the
en such revenues are
3. The Treasurer is hereby authorized and directed to apply i
borrowed pursuant to the authority of this By-law, as well as all other su
and an:; J~evious years, from the said Bank for any or all of the purpOSe
Section~, together with interest thereon, all of the moneys hereafter
account or realized in respect of the taxes levied for the current year and
of the moneys collected or received from any other source, which may la
purpose.
payment of aU sums
borrowed in this year
mentioned in the said
lIected or received on
receding years and all
lIy be applied for such
Passed this.......... ..~gb:th ........... ........ ...... .............day of.. .....1!.ê:\. . :.J:Y... ............. ..19.54..
......................
Clerk.
I hereby certify that the foregoing is a true copy of By-law No...:¡'. ... ........... of the Corpora_
tion of....TOWll...af...Kinc.ar.dine......................in the Province of Ont rio, duly passed at a
meeting of the Council of the said Corporation duly held, and that the said By-law is in full
force and effect.
Dated this..............;.... J1.gÞ; ;,Q........................day of........J.¡ ,Q.~ r.y,................19.5l¡.
As witness the Seal of
the Corporation.
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EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(1) A council may by by-Isw either bsfors or after the passing of the by-law for imposing the rates for the
current year authorize the head and treasurer to borrow from time to time by way of proi88ø1'Ý note such sums as
the çouncil mâY deem necessary to meet, until the taxes are collected, the current expe ditures of the corporation
for the year, including the amounts required for sinking fund, principal and interest fallin du~,-within the year upon
any debt of the corporation,"schoot purposes, special rates purposes, and for any board C0111lT1ission or body and
other purposes for which the corporation is required by law to provide.
(2) The amount which-.may be borrowed in any year for the purposes mention in subsection 1 shall not)
except with the approval of the Muntcipal Board, exceed seventy per centum of the to amount· of the estimated
revenues of the corporation as set forth in the estimates adopted for the year.
(3) Until such ..ümates are adopted, the limitation upon borrowing prescribed subsection 2. shall tem-
porarily be calculated upon the esümated rsvenues of the corporation as set forth In the estimates adopted for the
next preceding year. .
(4) For the purposes of subsections 2 and 3 estimsted revenues shall not include re nues, derivable or derived
from the aale of assets, borrowings or issues of debentures or from a 8urplus incruding ar rs of taxes and proceeds
from the safs of assets.
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