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HomeMy WebLinkAboutKIN 52 1535 Borrowing By-law ¡; ~ . . I ~T£'¡I~ of taxes, and proceeds from the sale of assets·.....:....,..,....,.."....,."...:... ......"..,.......::......................... rew8ftÙS4f o;fitr·the . .. " " . j~ ~ ~..:=;""""~.._..-.-............ I , þ ~ l { , 1'· t LF.1I Rev. Sept. 1946. Ont. .. Municipal BÝ./aw for Current Expenditu.... ,.. PrInted "in Ctneda. Municipality Of....~..~!........ ...,~~~~.............,........... BY-LAW No....".,.,.,..,:,),S)1...... ...:..,.....,........,....:,..;,.,........._ A BY-LAW to authorize the borrowing of $~'..~.,.~ ...............................:............. WHEREAS the Council of the Corporation deems it necess ry to borrow the SUm,?f ..,..,.......................::::'.::':'::'.~..~~:..,~,g~~:!,'-."....::-:...:!.':':.. .....,~:o:::o::~,,,....ØlOllar~ '., to meet, until the taxes are collected, the current expenditures of the orporation for the year; AND WHEREAS the total amount of the estimated revenues of the ,Corporation as set forth in the estimates adopted for the year 19.'1." not including rev ues derivable or derived from the sale of assete, borrowings or issues of debentures or from surplus including arrears ...._.40,··dol.lars. AND WHEREAS the total amount heretofore authorized to e borrowed this year for :'~:ofl~= the purposes mentioned in subsection (1) of Section 339 of The Munic pal Act is....,.,............"....... -(1)"-- . . -~ ~~ .'. . . ".............................................................-.....r¡............,.......dollars, of which th Corporation has already, ,. ..," I ! , \\.,\ II ~\, l :\. ,1 ,....~' . ..14. '." \' '. c')'" \i~ L ';¡'I· t: )' .. ¡ . . \ :borrowed a total of....,.........,.""...,...m.....""..., ,.....,....."", '" ".......,...'....... ....,...".:...................dollars. ; THEREFORE the Council of the Corporation of the.............., .,....~.......... ..................,...... of......................~............"..".....................,hereby enacts as foil ws: . 1. The Head and the Treasurer are hereby authorized on be alf of the Corporation to borrow from time to time, by way of promissory note, Jrom the Ban of Montreal, a sum or sums not exceeding. il) the .aggregale..........:..,................................",........,.., ...........:........"...........".."..... ....~7....~!'!,..,m,..~,~.':':.~~..Ølollars to meel, until the tax~s~re collected, the current expenditures of the' Corporation for the year, including the mO\lllt$ required for the purposes mentioned in subsection'(1) of the said Section 339, and to g e, on behalf of the Cor- ._~.: po ration, to the Bank a promissory note or notes, sealed with the co rate seal and ~~d by them for the moireys so borrowed with interest at a rate not exceedin ..A4..............per Ĺ“ntum ,per annum, which may be paid in advance or otherwise.' . · 1 t j , , I '! t, r) , t .:... , ' " · ~, .: SeoI...." ~~ R.8.0. cI.n\. · ........1... ï" ~~= , 'I T:::= ' ~......... f of pnIC8dfna - WI..... from estimated ........ i 2. All sums borrowed from the said Bank, for any or all of Ihe pu poses 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 hen such revenues are' received . 3. The Treasurer is hereby authorized and directed to apply i payment of all sums borrowed pursuant to the authority of this By-law, as well as all other su s borrowed in this year and any previous years, from the said Bank for any or all of the purpose mentioned in the said Section 339, together with interest thereon, all of the moneys hereafter lIected or received orí 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 la ully be applied for such purpose. ~' I her!!bycertify I,hat the for~going is a true copy of By-law No....l '5", of the Corpora- tion of~,J~!.",~.~,',,,.,....,,.,,,..,,.in the Province of On ario, duly passed at a meeting of the Council of the said Corporation duly held, and'that th said By-law is in full force and effect. Dated this, ,,,.,.,.."" .F.ear.tJa,.."", "......"""".,.""" .day of.., "..."."."......1952" , As witness the Seal of the Corporation. ~m..., ~) -/4 EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937. (1) A council may by bY-law either before or after the paaoing 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 necessary 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 the corporation, school purposes, special rates purposes, and for any boa other purposes for which the corporation ie required by law to provide. (2) The amount which may be borrowed In any year for the purpoeeo mention except with the approval of the Municipal Board, exceed seventy per centum of the revenues of the corporation as set forth in the estimates edopted for the year. (3) Until ouch estimates are adopted, the limitation upon b\>rrowing prescribed porarily be calculated upon the ..timated revenues of the corporation as oet forth in th next preceding year. (4) Forthe purposes of suboectiono 2 and 3 estimated revenu..ohalI noIindude re from the sa!ø of assets, borrowings Or ¡SSLlN of debentures or from a surplus including ar from the sale of asseto. impoeing the rat.. for the iaiory note 8uch sums as itµres of the corporation du. ."ithin the year upon , commission or body and '¡n.,Subsection 1 shall not, aii1óunt of the estimated uee, derivable or derived 8 of taxes and proceeds