HomeMy WebLinkAboutKIN 50 1494 Borrowing By-law
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L.". U Rev. S&pt. 1946.
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Municipal By-law for Current
Expenditures.
11189 Printed in Canada.
Municipality of..."-....,..
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BY-LAW No. ....... ..,..........;...........................,.,.,....................._
A BY-LAW to authorize the borrowing of ",.-. ................,..................................
WHEREAS the Council of the Corporation deems it neces ry to borrow the sum of
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..dollars
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to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
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AND WHEREAS the total amount of the estimated revenue of the. Corporation as set
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! I, .:.~:.,'~ the purposes mentioned in subsection (1) of Section 339 of The Mun cipal Act is....:.......,................
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. . ·.......................................:...........................................dollars, of which he Corporatio.,. has already
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forth in the estimates adopted for the year 1949...., not includingre enues derivable or derived
. .from the sale .of assets. borrowings or issues of debentures or from a surplus including arrears
~T~I':r..:1d ol'ta)(e~, ~nd proceeds from the sale of ..assets·................................................................,....,..............
revenuee' "for ,the ." '
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~:~~..t!!IIIN"L.~nrltlfm'......... L.II..........
....dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year lor
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borrowed a total 01....... ......111..... .... .... ..... .... .......... .............. ............ ...... ......... ..:..................\....dollars.
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THEREFORE the Council 01 the Corporation 01 the..:t!øIL. ..............,..~..............~\.....,.....,
ôl...............................................................hereby enacts as f lIows: '. \
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1. The Head and the Treasurer are hereby authorized on ehalf qf the '90rporati~n to
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. ·.borrowfrom time to time,by way of promissory note, from the Bnk of Montre'al, a ~um Or
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sums not exceeding in the aggregate......................................................... .............................\......:,.........
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-r.&ht' ft.. "IF4 In] f . -- d II t t t'l t t 11'\ d· th
...........................................................,.~....._.. 0 ars 0 mee, un I e axes are. co ec.e, e
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current expenditures 01 the Corporation for the year, including th amol!n~ required fi!r the
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poration, to the Bank a promissory note or notes, sealed with the
give, on behalf 01 the 'cor-
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rporate seal and s.¡gned· ~y
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¡nM...............per centum
purposes mentioned in subsection (1) of the said Section 339, and t
them for the moneys so borrowed with interest at a rate not excee
. per annum, which may be paid in advance or otherwise.
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. Soot. 33901 .
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borrowf~
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ExcIuaioft'
from estimated
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2. All sums borrowed from the sail! Bank, for any or all of the p poses mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the who! 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 n pf.yment of all sums
bot'rowed 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 purpos mentioned in, the said
Section 339, together with interest thereon, all of the moneys hersafter lIected or received on
account or realized in respect of the taxes levied for the current year an preceding years and all
of the moneys collected or received from any other source, which may.la lully be applied for such
purpose.
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I hereby certify that the foregoing is a true copy òf By"law No......
·Iion of.1t .At..,~-tTl\!......,.........,.,........in the Province of 0 tario, duly passed at a
'. nweting of. the Couocilof the said Corporation duly held, and that th . said By.lawis in full
force and effect.
Dated this........~ ~......................................"......,day of........."
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·.1iB witness the Seal of
· the COr.poration.
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EXTRACTS fROM THE MUNICIPAL ACT R.s.O. 193 .
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(1) A council may by by-law either before or after the passing of the by-law r illlP!l!llpg the rates for the
current year aUthorize the head and treasurer to borrow from time to time by way of p ¡~ ·n9le such sUms as
the couricll may deem n.......ry to m..t, until the. taxes are collected, the current ex ~~!!JiÍ'eS of the corporation
for the year, including the amounts required for sinking fund, principal and interest fall ~:ø.~!,..within the year upon
any debt of the corporation, achool purposes, special rates purpøl8S, and for any ,,~jssion or body and
other purpø18S for which the corporation is rø'luired by law to provide. " c'
(2). The amount which may be borrowed in any year for the PUI' JOS8S merrtio in ",""'¡'¡ion 1 shall not,
èxcept with the approval of the Munioipal Board, exoeed 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 astimates are adopted, the limitation upon borrowing pr88Gri byaubeeation 2, shail.tem.
· poreril)'. be celculated upon the estimated revenUØ8 of the corporation as set forth in t esti_ adopted foÌ"the
· nex.t preoeding year.
(4) for the purposes of SUbeeo!iOl18 2 and 3 estimated reven_shall not include __,derivable or derived '.
from the sale of assets, borrowings or issues of "debentures or from a surpfus including rrears of taxes and proceeds
from the sale of.assets.
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