HomeMy WebLinkAboutKIN 45 1395 Borrowing By-law
L.F.U AIIv. March, 1938.
Ont.
Municipal By-law for Curnnt
·Expenditu.....
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Municipality of..........1'MID...(1t.:.
BY-LAW No.......}....,...,......,..... ..........................................
A BY-LAW to authorize the borrowing of $.....ª.~1º'.º.L.. ..........................................
WHEREAS the Council of the Corporation deems it necessar to borrow the sum of
J'_~._....":"!.!:!!........~~~~.~..~.:!.:':.!..~..!.~.~.~.~..~..~..~.~.:;.!:.~.~.~.~.~..~.. .~.~.~.~.~.~~.~~..dollars
to meet; until the taxee are collected, the current expenditures of the Co poratloll for the year;
AND WHEREAS the total amount of the estimated revenues the Corporation as øet
borrowed this year for
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I' :.':S~ ~ from arrears of taxee, borrowingeand issues of debentures is *.1U.&h ...~...QM....tbDu......
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I :rrA .;:!: - _!!!...~~!:~..~~...!.!~~.1..:.~!!.!..!.~..!.~.~.~.~.!;.!....!.!.!..!..!.. .!.!.!..!.;!.!.:'!~...dollars.
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forth In the estimates adopted for the year 19.«.. not including reve es derivable or derived
AND WHEREAS the total amount heretofore authorized to
~lE;"I~!,C the purposes mentioned in subsection (1) of Section 339 of The Munlcl
~Law(o) _d
_. .~~f.~r.:::!~.!!....~~~~.!.~~.~.~.~.:.~..~..~..~.~.:.~.~dollars, of which t
Act is............................
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Corporation has already
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borrowed a total of............................ ....................................... ......... ........... ...... ............. ................dollars.
THEREFORE the Council of the Corporation of the........~
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of .................!Q..!].~.:r~.~!!!!!.......................................hereby enacts as folio
1. The Head and the Treasurer are hereby authorized on beh If of the Corporation to
borrow from time to time, by way of promiesory note, from the Ban of Montreal, a sum or
sums not exceeding In the aggregate....~!.f..~1.::'.f.J.Y.!...~~M.~.". ...........t.u........................
~.~.:.:.~..~..~.~.:.::.::.~..~.::.:.::.~..~..~.~.~.::~.........dollars to meet, until the are collected, the
current expenditures of the Corporation for the year, inoludlng the ounla required for the
purposes mentioned in subsection (1) of the said Section 339, and to gJ ,on behalf of the Cor-
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poratiøn,. tG>tll&e8aÐk.a I !OIIIÑII8Ory noIø ørnøtes, sealed with the cor œ seal and signed by
them for the moneys 80 borrowed with Interest at a rate not exceedin .......~.......per centum
per annum, which may be paid In advance or otherwiae.
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Soot. 838 of
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1137.
Cumnt
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Limit upon
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otedlmatlls
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ElOb.fon
from .Umatld
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2. All sums borrowed from the said Bank, for any or all of the pu poses mentioned in the
said Section 339, shall, with interest thereon, be a charge upon the whol 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 previoua years, from the said Bank for any or all of the pur msntioned In the said
Section 339, together with interest thereon, all of the moneys hereafter lIected or receiwd 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 suoh
purpose.
CORPORATE
SEAL
I hereby certify that the foregoing 18 a true copy of By-law No...!:.. ..'l..~.~ of the Corpora-
tion of........~.QY.Q...if....Ð.lI.øaxd.i.l1e..................in the Province of On 0, duly passed at a
mestlng of the Counoilof the said Corporation duly held, and that t said By-law is in full
force and effect.
Dated this................:r.u:tD..............................day of.........Ta.nua.r ........................19.....4.5.
As witness the Seal of
the Corporation.
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CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1
(1) A council may by by-law either befor8 or IfIBr the ....ng of the by-law
......ent year authcriæ the head and treasurer to bc!mM from time to time by way of
the council may deem .-ry to meet, until the taJB 818 collect8d, the current ex
for the year. Inciudlng the amounlB required for sinking fund. principal and InlBrest fsili
any debt of the corporation, school PUI'JIC*I, speoiaI ra"" pur....... and for any
other pur_ for which the corporation Ie requIred by law to provide. .
(2) The amount which may be borrowed in any year for the pur_ mant· In aubooctlon 1 shall not,
""""pt with the approval of the Munioip&l Board. .....,.¡ ..venly per œntum 01 the tal amount of the eetlmalBd
revenU88 01 the corporation II ..t forth In the eetimalllll8llopl8d for the year.
(3)Until8Ucheetlma"" ....adepI8d. the Iimitatiøn "poll bonowing pl8llCliÞ811 by 8Ub88otlon 2. _I 18m-
porarily be calculalBd upoll the eetimal8d re_ of the -.,oration II ..t forth In ..tima"" adopted for the
next preœding year.
(4) For the pUrp0888 oIaub88ctione2 and 388tima18d revenU88shall not inciude ven.....derivable orderi~
from arreare 01 taxes, borrowinge and ....... of debentu...
r Imposing the ra"" for the
ry nc18 8Uch aum8 II
ditu... 01 the corporation
due within the year upon
. comml88lon or body and
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