HomeMy WebLinkAboutKIN 49 1468 Borrowing By-law
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LF.1O R.v. s..>t. 1946.
Ont.
Municipal By-law for Curr.nt
Exp.nditu.....
11&89 _ Printed I~ Caœda.
Municipality of...".".r..
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BY-LAW No.. .·....14.61............... ..:................:.....:....... ....... ....._
A BY-LAW to authorize the borrowing of $5.5....9.. . ................................................
WHEREAS the. Council of the Corporation deems it nece ry to borrow the sum of
· ..... .................... ............~~...J'..... .ft...IU [ 11.11................ ....................U..dollars
to meet, until the taxes are collected, the current expenditures of th Corporation for the year;
'. AND WHEREAS the total amount of the estimated revenu s of the Corporation as set
. forth inthe estimates adopted for the year 1......, not including re enues derivable or derived
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· from: the sale of assets, borrowings or issues of debentures or fro a surplus including arrears
:~~TEJI=':'d~fta>\es, a.nd proceeds from the sale of assets·.................................. .................................................
revenues for; 'U18"..
~~~~...~..~.flM...~....~.. ......:J'e.d....."1ftJ'. n...........u.... ...dollars.
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. AND WHEREAS the total amount heretofore authorized t be borrowed this year for
:'~TE:otl~ the purposes mentioned in subsection (1) of Section 339 of The Mu icipal Act is.................".........
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th1a year. -'.' .' \
. . ;..................................................lJJ................................dollars, of which he Corpor/ltipn has already
· borrowed a total of................IU............................................................ .....................................dollars.
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THEREFORE the Council of the Corporation of the..........
.......................'.............,.....,..
oL..............I2.~'-"'~........................................hereby enacts as f lIows:
. 1. The Head and the Treasurer are hereby authorized on ehalf )f the Corporation to
. borrow from time to time, by way of promissory note, from the nk of Montreal, a sUm or
sums. not exceeding in the aggregate........................................................ .................................................
~..11_..".---~ ...........,,"'...x;r;...dollars to meet, until he taxes are collected, 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 rporate seal and signed by
them for the moneys so borrowed with interest at a rate not excee ing..*...........per centum
per annum, which may be paid in advance or otherwise.
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2. . All sums borrowed from the said Bank, for any or all of the
said Sectiori'S39, shall, with interest thereon, be a charge upon the w
Corporation for the currentiyear and for all preceding years, as and
received. .
rposes mentioned in the
Ie of the revenues of the
hen such revenues are
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant to the authority of this By-law, as well as all other s borrowl!cJ.in this year
· and any previous years, from the said Bank for any or all of the pur mentioned in the said
. Section 339, together with interest thereon, all of the moneys hereafte collected 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 ully be applied for such
purpose.
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I hereby certify that the foregoing is a true copy of By-law No....
..... of the Corpora-
tion o~..':...~.........................in the Province of 0 tario. duly passed at a
meeting of the Council of the said Corporation duly held, and that t said By-law is in full
. force and effect.
Dated this...........:....s.....n..... ...................... .....day of...._
J!J:........ ..............19..,..
· As witness the Seal of
, ·the Corporation.
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(R. Laateae
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EXTi'lACTS FROM THE MUNICIPAL ACT R.S.O. 193 .
(1) A council may by by-law either before or after the passing of the by-law f r im lOSiog the rates for the
, current year authorize the head and treasurer to borrow from time to time by way of p mhlJKtry note such sums as
the council may deem necessary to meet, until the taxM are collected, the current dft4r8S of the corwration
. for th.e year, including the amounts required fer sinking fund, principal and interest fall !Iu@within the year upen
any debt of the corporation, school purposes, special rates purposes, and for any boa ,åot!Jmi8llìon or body and
other purposes for which the corporation is required by law to provide.
(2) The amount which rnay be borrowed in any year for the purposes mention
except with the awroval of the Municipal Board, exceed seventy per ccntum of ths
revenues of the corporation as ..t forth in the estimates adopted for tho yoar.
(3) Until such estimates are adopted, the limitation upOn bo¡rrowing pr....ribed by ..._ion 2. shalltem-
porarily be calculated upon the estimated revenues of the corporation as set forth in eetimates adopted for the
next preceding year.
(4) For the purposes of subeections 2 and 3 estimated revenues shall not include r ues, derivable or derived
'Jrom the 8ale of assets¡ borrowings or issues of debentures Or from a surplus inchlding a rearB of taxes and proceeds
''''ro-m the aale of assets.
¡n"I~~ion 1 shall not,
I amount of tho estimated