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Home My WebLink AboutKIN 51 1514 Borrowing By-law LF.1I Rev. Sept. 1946. om. Municipal By-law for Current Expenditures. 11569 Printed In Canada. í .,' Munioipality of....'IoIIa...vt... .1Q'dtM".......................... BY-LAW NO......1J14;................ ................................................ A BY-LAW to authorize the borrowing of $..."."OOO~ ............................................. WH EREAS the Counoil of the Corporation deems it neces ary to borrow the sum of , ····..··,·....········..·:::·:.:-J1"nt··nft···5~.ui_ï··..·...··................. .......................~:;.;.....dollars to meet, until. the taxes are colleoted, the ourrent expenditures of the Corporation for the year; AND WHEREAS the total amount of the estimated revenu s of the. Corporation as set ì t ( forth in the estimates adopted for the year 19SO'" not including re enues derivable or derived . from the sale o.f assets, borrowings or issues of debentures or fro a surplus including arrears . I , , j, ;::~TE.¡I~ of taxes, and proceeds from the sale of assets·................................... ..............................,................. revenu88. far ,the <' . .......nti": · III- '. . m_~ - ....-....·~..Sb..·'lJam¡.&1tId:jö··ro.r··fiøltred..... .7"1.'Iu'w.d.~. AN D WHEREAS the total amount heretofore authorized t be borrowed this year for :.~~:.,'~ ~he purposes mentioned in subsection (1) of Section 339 of The Mu -w(a)_ . . th)ayear. , . ..................................................111:................ .dollars, of which he Corporation has already borrowed a total of................1I11....... ............. ................................. ........................ .,......... dollars. , ") -' THEREFORE the Council of the Corporation of the.............. ................................................ of...............................................I18CU:'d1...........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......................................................... ..............;................................. ~nt\r...P1.,....'ftaoq. m r..····....·;.¡·..·..Ø!ars to meet, until t e talles are oollected, the '.' current expenditures of the Corporation for the year, including th amounts required for the purposes mentioned in subsection (1) of the said Section 339, and t give, on behalf of the Cor- poration, 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 exoee ing...................per centum per annum, which may be paid in advance or otherwise. f , . I ( ;- ) 9=', 3390r - _ _ 288, R.8.0. f . c.mnt _I... k:.~"r.; T:.= :".'.u..... or_no yeor Exclusion from eatlmated revenues 2. All sums borrowed from the said Bank, for any or all of the rposes mentioned in the said Seotion 339, shall, with interest thereon, be a charge upon the wh Ie òf the revenues of the Corporation for the ourrent¡year and for all preceding years, as and when suoh revenues are received. 3. The Treasurer is hereby authorized and direoted to apply in payment of all sums borrowed pursuant to the authority of this By-law, as well as all other s me borrowed in this year and any previous years, from the said Bank for any or all of the pur as mentioned in the said Seotion 339, together with interest thereon, all of the moneys hereafte collected or received on account or realized in respeot of the taxes levied for the ourrent year a preceding years and all of the moneys oollected or received from any other source, whioh may I fully be applied for suoh pu rpose. Passed this..................n~...................................day of.... ................1951... j;................::ïiThø... ii" ···;.,;,·~.)..~.....r· .,./ ("/ . . ¿f .y:.. ....:~ ...... .......... ..,,4t.c¡¡;:o;" 1/ I hereby oertify that the foregoing is a true copy of By-law No.... .5.~...... of the Corpora- t· f - _# ~f-·ri1 . th P· f Ion 0 ........_.._... ......................m e rovmoe 0 meeting of the Counoil of the said Corporation duly held, and that foroe and effect. . Dated this............. .nt.\å.... ................ ...................day of......,I As witness the Seal of the Corporation. . <.J. ..}..... / , . ......... ....,..-;::.\.¿., . /' (_/ "'--' ntario, duly passed at a" e said By-law is in full .....................19··51 './ a v . / .~W--.... .' Ol"k. G'. .,., t. . (Cor...... . s..o EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1 1. (1) A council may by by-law either before or after the passing of the by-law for ilJ1pooing,.the rates for the current year authorize the head and treasurer to borrow from time to time by way of romieäØry IlÓte such sums as the council may deem n_ry to meet, until the taxes are collected, the current e peníf~!'8.s ~f the corporation for the year, including the amounts required for sinking fund, principel and interest f ling.!k!~ WiWn the year upon any debt of the corporation,' school purpooeo, special rates purpooeo, and for any rd, oömmlssion Or body and other purpooeo·for which the corporation is required by law to provide. (2) The amount which may be borrowed In any year for the purpooes men!" ned in subeection 1 shall not, except with the approval of the Municipal Board, exceed seventy per centum of the I 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 prescri by aubeection 2, shsll tem- porarily be calculated upon the estimated revenues of the corporation as set forth in the eotimates adopted for the next preceding year. (4) For the purposes of 8ubsections2 and 3&&timated revenue8shalt not includ revenues, derivable or derived from the sale of assets, borrowin.os or issues of debentures or from a surplus includin arrears of taxes and proceeds from the sale of 88881&.