HomeMy WebLinkAboutKIN 48 1441 Borrowing by-law
LoP.1II Rev. March, 1938.
Oat.
. Municipal By-law for Cunen!
Expondltu.....
68116 Printed In Canada.
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Municipality of.......~...t..
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BY-LAW N()............l441............... .......,..................,................
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A.BY-LAW to authorize the borrowing of $."'000..00. ...........................................
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WHEREAS the Council of the Corporation deems it
toi..borrow tl1e fUm of
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....·,..,·....................·.............,....··1'ItPt;p.........·....,.·4·..·.........¡,.·"'·.,..·.... ·...U···....·,·..·....··dolllll8
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. 'meet¡ untlt the taxee are coìlected, the current expenditures of the
AND WHEREAS the total amount of the.eetimaled revenuee
'. .·'ørthl!1the estimatee adopted for the year 19"" not Including reve ues derivable or..derived
:="5'~~JrOl!1arrealS of taxee, børrowings and leeuee of del¡entures is ....:..:......... ..........................................
=-~W..=.···· ....... ............... .
:I'~..;::' ... ...,.... "..,...~ -- - " ..ft1JIe..h~'"84......................._.. ..........................dollare.
·AND WHEREAS the total amount heretofore authorized to
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:=rEl.,I=the purpoeee mentioned in subeection (1) of Section 339 of TI1e Munici Act is............................
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. .......................................... .....IU...................................dollare, of which Corporation hae already
· borrowed a total of........ .......Jl1l............ ........ ............................................ ..... ..:............... ............dollare.
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THEREFORE the Council of the Corporation of the....~&.. ...........................................
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of .,........~.............................................hereby enacte ae. foil
1. The Head and the Treaeurer are hereby authorized on beh If of tl1e Corporation to
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borrow from time to time, by way of proml88ory note, from the Ban . of Montreal, a sum or
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sums' not exoeeding in the aggnl ale........I'frfIIr·..ft..... ..."'..xx-...........................
· ............,................................................................dollare to meet¡ until are collected, the
· Ðurre~t expenditures of the Corporation for the year, Including the .ounte required for the
purpesee mentioned in subsection (1J of the said Section 339, and to gi ,on behaif of4he Cor-
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,PQœ~IÍ, to the Bank a promiasory no Ie or notes, _led with the cor rale seal and signed by
them.for the moneys 80 borrowed with inlerest at a rale not exceedi ......................per oentum
· per annum, which may be paid in advance or otherwise.
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Sect. 339"
_ 266, A.S.O.
1131.
Current
borrowll'lØl
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Limit UlMln
_1IlOO
T.~
:l'eotImatoo
01_""
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Exclusion
from .Umated
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2. All sums borrowed from the said Bank, for any or al'l of the p rposes mentioned In the
said Section 339, shall, wtth inlerest thereon, be a charge upon the who e of the revenuee of the
Corporation for the current year and for all preceding years, ae and hen such revenuee are
recei ved.
3. The Treasurer-is hereby authorized and direcled to 'apply n payment of all sums
borrowed pursuant to the authority of this By-law, ae well ae all other su borrowed in this year
and any previoue years,from the said Bank for any or all of the pur mentioned in the said
Section 339, together with inlerest thereøn, all of the moneye hereafler lIecled or received on
account or realized in respect of the taxes levied for the current year and preceding years and all
of the møß8YS collecled or received from any other eource, which may la ully be applied for such
purpose.
Passed thiS........~..........................dayOf ..... ........ '" .... ................19..¥f?
CORPORATE
SEAL
...............
Clark.
I hereby certify that the foregoing is a true copy of By-law No...! ./1..1. of the Corpora-
tlon of.......... . ..... ......... ........ ................................In the Province of On
meeting of ·the Council øf the- said Corporation duly held, and that th
force and effect.
Daled this.........~................day of..... .. ....
10, duly passed at a
said By-law is in full
tit?
.............19.........
As witnØ8S the Seal of
the Corporation.
CORPORATE
SEAL
EXTRACTS FROM THE' MUNICIPAL ACT R.8.0. 1937
(1) A council may by by.law either bafot8 or after the passing 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 neœssary to meet, until the W<ee are coUectlld, the cunent ""
for the year, Including the arnaunœ required for sinking fund, principal aAd ln1BnISt falll
any debt of the corporation, school purposes, spoo/al ralBa pur....... and for any boa
other purposes for which the corporation is required by law to provide.
(2) The amount which may be bonowed In any year for the purposes mentio
""",,pt with the approval of the Munloipal Board, sxoead seventy por oentum of the
revenueeofcthe corporation as set forth In the estirnaÌ88 adopted for the year.
!3) Until auch estimates are acIoptlld. the limitation upon borrowing preecrlbed
porarily be oaiculatlld upon the sstirnatlld revenues of the corporation as aet forth In
next preceding year.
(4) For the purpœesofsuboections 2 and 3est1matlld revenues shall not Include re
from arrears of W<ee, borrowings and Issues of debentu.....
imposing the ralBa for the
iseory note such sume ..
dltures of the corporation
due within the year upon
. commission or body and
y suboection 2, shall tern-
estimalBa adopted for the