HomeMy WebLinkAboutKIN 52 1535 Borrowing By-law
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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 $~'..~.,.~ ...............................:.............
WHEREAS the Council of the Corporation deems it necess ry to borrow the SUm,?f
..,..,.......................::::'.::':'::'.~..~~:..,~,g~~:!,'-."....::-:...:!.':':.. .....,~:o:::o::~,,,....ØlOllar~ '.,
to meet, until the taxes are collected, the current expenditures of the orporation for the year;
AND WHEREAS the total amount of the estimated revenues of the ,Corporation as set
forth in the estimates adopted for the year 19.'1." not including rev ues derivable or derived
from the sale of assete, borrowings or issues of debentures or from
surplus including arrears
...._.40,··dol.lars.
AND WHEREAS the total amount heretofore authorized to e borrowed this year for
:'~:ofl~= the purposes mentioned in subsection (1) of Section 339 of The Munic pal Act is....,.,............".......
-(1)"-- . .
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. . ".............................................................-.....r¡............,.......dollars, of which th Corporation has already,
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:borrowed a total of....,.........,.""...,...m.....""..., ,.....,....."", '" ".......,...'....... ....,...".:...................dollars.
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THEREFORE the Council of the Corporation of the..............,
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of......................~............"..".....................,hereby enacts as foil ws: .
1. The Head and the Treasurer are hereby authorized on be alf of the Corporation to
borrow from time to time, by way of promissory note, Jrom the Ban of Montreal, a sum or
sums not exceeding. il) the .aggregale..........:..,................................",........,.., ...........:........"..........."..".....
....~7....~!'!,..,m,..~,~.':':.~~..Ølollars to meel, until the tax~s~re collected, the
current expenditures of the' Corporation for the year, including the mO\lllt$ required for the
purposes mentioned in subsection'(1) of the said Section 339, and to g e, on behalf of the Cor-
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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 œntum
,per annum, which may be paid in advance or otherwise.'
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from estimated
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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.
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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.
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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