HomeMy WebLinkAboutKIN 46 1409 Borrowing By-law
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L.F.:III Rev. March,I938.
Ont.
Municipal By.law for CUfl!lnt
Expendltu....
68116 Printed rn Clnada.
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Municipality of.............'EQ1IJ1..Df..
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BY-LAW No......................~.,,,...O..
A BY-LAW to authoriZil the borrowing of $.......S.Q..QO'O..O
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WHEREAS the Council of the Corporation d88ms it n8C8118ar to borrow the sum of
....~:.:....:.........,..ò....".............1'~T-.....1"J:Iou~rli----- ~.............dollars
" """ ,"40";; ...... ëOllècte~e current expenditures of the Co poratlon for the year;
AND ~E;;~the total a.twunt of the estimated revenues 0 the Corporation as set
'forth In -the estimates adopted fo; the year 19#.., not including reven derivable or derIved
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:'N,3T5'~':'~ from arrears of taxes, borrowings andl88U88 of debentures Is .......,..;1.1, 'Y...n.....tkeaaaDd
,....... for the
......:r..... t~ 1{.,::; -.. M~:.... ft.... .... ð"_ ...........-______________ ,...,.. d-'II--
..... ,.... _........MW\... .."'.~...~..~~.w.r....1ir."R."JIIfMi:.......................................... .~.................... .,.......
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for \.
':'~E¡"I-=-= the purposes mentioned In subsection (1) of Section 339 of The Municl I Act is............................
By. .aw(o) _ .
tIìIo_. .
...........Jr.1:C~...~"'"..".."..".::::::"..".xx..........dollars, of whIch the rporatlon has already
borrowed a total of.............................,1I.U........................................................ .......................,....dollal8.
THEREFORE the Council of the Corporation of the.................. re................................
of ..:.....................J:1DC~41u...............................hereby enacts as folio
1. The Head and the Treasurer are herebY authorized on behal of the Corporation to
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borrow from time to tims, by way of promissory note, from the Bank of Montreal, a eum or
sums not eXC88ding In the aggregate.................F.1.f."Y-...tbouaaact..
...........::::::::::::-.::'.::.::::::::::::::':::::::::::.~..........dollars to meet, until the
purposes mentioned In subsection (1) of the said Section 339, and to gl, on behaif of the Cor-
poration, to the Bank a promissory note or notes. sealed with the cor ate seal and signed by
them for the moneys so borrowed with Interest at a rate not ex088ding' .1.I..J:!¡.....per 08ntum
are collected, the
current expenditures of the Corporation for the year, including the a ounts required for the
per annum, which may be paid In advance or otherwise.
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a.oøo.r 2118, R.8.0.
1931.
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Current
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LlmltulÞOft
b........_
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of pnICIIMIlßI
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ExoIUllon
from estimated
nt'VenUllo
2. All sums borrowed from the said Bank, for any or all of the pur mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding yeal8, as and w en such revenues are
received. .
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 au borrowed in this year
and any previous yeal8, from the said Bank for any or all of the purposes mentioned In the said
Section 339, together wIth Interest thereon, all of the moneys hereafter llected or received on
account or realized In respect of the taxes levied for the current year and receding yeal8 and all
of the moneys collected or received from any other source, which may lawf lIy be applied for such
purpose.
Passed thiSn.......n..~~!!.~~..:..............................d~Y of.......;l
.........................19·.45
CORPORATE
SEAl.
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(The H.... '" .
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//clerk.
I hereby certify that the foregoing is a true copy of By-law NòL of the Corpora-
tion of...........:!:~~..~~...;:~.~~1..\U,a!J...............in the Province of On rio, dUly passed at a
m88ting of the Council of the said Corporation duly held, and that the eaJd By-law .,in full
force and effect
Dated this...........J.:J.t.DAth.,.......................,day of,..........J...
......,...~:7...19·..4'·
As wltnB88 the Seal of
the Corporation.
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..·...t...;·~<·:··t?l.:: ........?:....?:')...ëï;¡;;.....
CORPORATE
SEAL
EXTRACTS FROM TH.E MUNICIPAL ACT R.SD.I937.
(1) A council may by by./aw eithor before or after the passing of the by.law f impoelng tho rates for the
cufl!lnt year authorize tho head and t.......",r to borrow from tlma to time by way 01 p iIIaory note 8UOh sums as
the council may deem necessary to meet, until the _ a'" collectad, the current ex diturea of the corporation
for the year. Inciudlng the amoun1s ",quirad for sinking fund, principal and Intareat fallr due within the yaar upon
any dabt of the corporation, aéhool purpoeos, apsclal rates purpoeos, and for any boa . .commiaaion or body and
other purpoeee for which tha corporation Is I&quirad by Jaw to provida.
(2) The amount which may be borrowed in any year for the pur_ mant
except with tho approval 01 the Municipal Board, exœed sovanty per œntum of the to
..vanuss of the corporation as set forth in tho satirnates adopllld for the year.
(3) Untilauoh 18l1matesare adopllld. the limitation upon borrowing prsaorlbsd y ..bosotlon 2. shall !limo
porarily be oaJ...lallld upon the satlrnallld ",vanusa of the corporation II sot forth In setirnates adopllld for the
next preoadlng year.
(4) For the pur_ofaubosoti0n82and 3sstimallld ",vanussehall not Includa 1&
from arl&ll8 of _. borrowlnga and laauss 01 debentu....