HomeMy WebLinkAboutKIN 53 1555 Borrowing By-law
[
;
,
!,
(-
,
,
,
¡
I
¡
1-
"-
\
L.F. II Rev. Sept. 1946.
Onto
Municipal By-law for Current
Expendituree.
11. PrInted 1ft Canada.
Municipality of..""...,...".,."
BY-LAW N.o...........:..............,,"15,
ftbte.....··..·..···......
..,...........~...*..............,...~-
A BY-LAW to authorize the borrowing of $·5J.,OOO.QO." ."..""".:..........,........"..........
WHEREAS the Council of the Corporation deems it necessa to borrow' the sum of
......................................·.......-nny...n....aø.......
to meet, until the taxes are collected, the current expenditures of the C rporation for the year:
AND WHEREAS the total amount of the estimated revenues f the .Corporation as set
forth in the estimates adopted for the year 19..$2., not including reve
from the sale of assets, ,borrowings or issues of debentures or from a urplus including arrears
:::~ I~ of taxes, and proceeds from the sale of assets·...
...... for the .
-11'".::1......
=_"?" - ............_...!bo1utaadlt..S:I.:&.. Tf
4··.t' II! L".......
_';¡'4:)...,.dollara.
AND WH~REAS the total amount heretofore authorized to b borrowed this year for
~~'.i~ the purposes mentioned in subsection (1) of Section.$of The Munici al Act is....................."....:
-> ..- . .
th....¡W. .
. . .................................................1I1.'L............"..................dollars. of which th Corporation has already
borrowed a total of...... ... :... .111.................. .............. .................... ............... ......... ....... .............. .dollars.
[ .
\.::.
.' ..
,
t
t
f
¡
\
I
t
~.
r
h
\ -\.
THEREFORE the Council of the Corporation of the....."..t.ot... .........................""...............
of........".........".....IÞ.ørd1D.................."....."....hereby enacts as foil ws:
1. The Head and the Tréasurer are hereby authòrized on be alf 01 the Corporation to
borrow from time to time, by way of promissory note, frointhe Ban of ~ontre¡lI, a sum or
sums not exceeding in the .aggregate.."."............................................ .......... .........:............... ...................
..",,1'1.nI;f.....n...... 'nI...... ~..--.,,_lIars to meet, until th taxes ,are collected, the
current expenditures of the Corporation for the year, including the mou 1ts required for the
.' ~
purposes mentioned insubsection (1) of the said Section and to
poråtion, to the Bank a promissory note or notes, sealed with the cor rate seal and signed by
them for thl! moneys so borrowed with interest at a rate not exceedi g...A¡i.............per centum
. per annum, which may be paid in advance or otherwise.
()
I'
Seat. 331 of
Cha..... .... R.8.0.
1937.
Cumo1t
.......1...
~
T_ory
:r=r..
01 precedlno .
-
ExoI.......
from eatlmated
tevønU88.
2. All sums borrowed from the said Bank, for any or all of the pur es mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the whol of the revenues of the
Corporation for the current year and for all preceding years, as and w en such revenues are
received.
.
3. The Treasurer is hereby authorized and directed ·to apply i payment of all sums
borrowed pursuant to the autbor~ of this By-law, as well as all other su borrowed in this year
and anY..PI9vious years, front~;'said Bank for any or all of the purpose mentioned in the said
Section~ together with i(lië(est thereon, all of the moneys hereafter lIected or received on
account or realized in respecfof the taxes levied for the current year ànd receding years and all
of the moneys collected or received from any other source, which may lawf lIy be applied for such
purpose.
Passed this...... .........S..od...... ................ .............day of.....:.. ...1
....~...:.
.L/ -? Hoad of
~-···~··ÄOA... .,.
I hereby certify that the foregoing is a true copy of By-law No...,!..
tion of.....fQ1ID".ør...K1.n~.4.1;n.e."..................in the Province of On 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.
As witness the Seal of
the Corporation.
Dated this......Se~O'Q.d.............................................day of............~ . .
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937.
(1) A council may by by-law either before or after the passing of the by-law fo
current year authorize the head and treasurer to borrow from time to time by way of p .
the council may deem n.....arY to meet, until the taxes are collected, the current ex
for the year, Including the amounts required for sinking fund, principal and interest falli
any debt of ths corporation,' school purposes, special rates purposes, and for any boa
other purposes for which the col )Oration is required by law to provide.
(2) The amount wIIich may be borrowed In any year for ths purposes menti
except with the approval of the Municipal Board, exceed seventy per centum of the
revenues of the corponltion as set forth in the estimates edopted for the year.
(3) Until such estimates are edopted, the limitation upon borrowing prescribed
porarily be calculated upon the estimated revonUè8 of the corporation as set forth in th
next preceding year.
(4) For the purposes of subseotions 2and 3 estimated revenues shall notinclude re
from the sale of asssts, borrowings or issues of debentures or from a surplus including ar
from the sale of assets.
Imposing the rates for the
iaaory note such sums as
dltu... of the col )Oration
d~8.w!thin the year upon
J :~iision or body and
in:aubeeçtion 1 shall not,
I amount of the estimated
y eub8ection 2, shall tem-
estimates adopted for the
tues, derivable or derived
ars of taxes and proceeds
Q
V
Q
V