HomeMy WebLinkAboutKIN 47 1425 Borrowing By-law
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L.F.:18 Rev. March, 1938.
Oat.
Municipal BY-law for Current
expenditures.
68118 Printed In Canada.
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Munici pality of........; TQw.n..Q r.. ..~j,.Q.Q ..r..çl.l~.~... ..... ..........
BY-LAW No......................;!,1.~2.............. ..................................
A BY-LAW to authorize the borrowing. of $.....,5.5...0.Q.Q...D.O....... ..................................
. WHEREAS the Council of the Corporation deems it neoeesary to borrow the sum of
.............................F.:lr.:Ii¥...F.:l¡:e... ThoXLBand...."."..".....,.,.".".." .....,.,.,.,.,.,..".."....."..,.,.. .".",.,.,.,.,.,.".....dollal1l
to meet, until the taxes are collect5d, the current..,xpendltures of the Corpor ion for the year;
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AND WHEREAS the total amount of the estimated revenues of t
. forth In the estimates adopted for the year 19......... not including revenues rlvable or derived
:'~T5' ="t:I from arrears of taxes. borrowings and i88uea of debentuie8 18 *.......................... .................................
rw_ for .. '
_..: If ad-
:r'r:t ,::;; - _................Eigb.t¥...s.1x....1'ho.u.s.a.nd...Nine...B~r.e.dft~~.~~_ft~~ ~~ft_.........dollars.
AN D WHEREAS the total amount heretofore authorized to be bor
~lE:..I~ the purpoeea mentioned in subsection (1) of Section 339 of The Municipal
s,.L.Iw{a) ._
....-.
......:....;.................No\..l..... .................................................dollars, of which the Cor ration has already
borrowed a total of.................................N¡I,.J.............................................................. ....................dollall.
THEREFORE the Council of the Corporation of the...................'rQ
of ...................~.f.g~~.~.g.f.!.!~.....................................hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of
borrow from time to time, by way of promissory note, from the Bank of
sums not exceeding rn the aggreøate.........Ji!;l.f.t.y...Ji!;l.v....[!h.QIol.¡¡~;IIJ.å,..... ___w____w........
Corporation to
-<.
. .,
...............:.:.::.::..::.::::::.:.::.::..::::::.::.::..:::::.~........dollars to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, including the amoun required for the
purpoeea mentioned in subeection (1) of the said Section 339, and to give, 0
poratlon, to the Bank a promissory note or notes, æaIed with the corporate al and signed by
.
them for the moneys 80 borrowed with interest at a rate not exceeding........ ............per centum
per annum, which may be paid in advance or otherwille.
.. ..-- ..-.----,-.'
2. All sums borrowed from the said Bank, for any or all of the pu poeea mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the wool 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 borrowed in this year
and any previous years, from the said Bank for any or all of the purp mentioned In the said
Section 339, together with interest thereon, all of the moneys hereafter Uected or received on
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.
Passed thiS...........~..................................dayOf....... ....... ................ .............19..~7
CORPORATE
SEAL
C,¡ I hereby certify that the foregoing is a true copy of By-law No..!. ...ø..J..:.. of the Corpora-
tion Of..~..4I..~~........in the Province of 0 tario, duly passed at a
meeting of the ~ln~ilofthe said Corporation duly held, and that said By-law 18 in full
force and effect
Dated thiS.........~...................day of..
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Seat. 831'"
-1188, M.O.
loa? .
Current
_I...
LImit upon
-...
Te=uy
:r...:
of preceding
-
ExoIUlton
from 8Itfmatød
reven....
As witness the Seal of
the Corporation.
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.s.O. 19
(1) A council may by by-law either befom or after !he passing of tho by-law r Imposing !he rates for the
current year authorize tho head and treasumr to borrow from timo to timo by way of roml88ory note such sums as
tho council may deem neceesary to meet, until !he _ &18 colleo!ed, !he current ex ndltul88 of the corporation
for !he yesr, Including !he amounblmqulred for sinking fund, principal and interest fallng duo within tho year upon
any debt of !he corporation, school pul1K*8. spøciaJ rates purpoeee. and for any . commission or body and
other purpooee for which !he corporation is mquired by law to provide.
(2) The amount which may be borrowed in any year for !he purpooee montio In aubeecllon 1 shall no!,
_pt with !he approval of the Municipal Board, exceed eellllllty por œntum of the tal amount of the eetlmated
",_of !he corporation aa eet forth in the eetimates adopted for the year.
(3) Untllsuch eetlmalee &18 adopted, !he limitation upon borrowing preecrl by aubeecllon 2. shall tem-
porarily be caJculabld upon !he estlmabld roven.... of !he _poration as sot forth in so!imates adopted for !he
next pl8C8dlng year.
(4) For the purpooee of eubeectiOl18 2 and 3 eelimated mvenueeshall not include venuee, derivable or derived
from srroare of taxao, borrowinge and 188.... of debentu.....