HomeMy WebLinkAboutKIN 43 1364 Borrowing By-law
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1.1.11 Rev. March, 1938.
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Municipal By-law far Current
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64308 Printed In CanadL
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Municipality of.....J.an...øf.....
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BY-LAW No..............1.S64............... .........................................
A BY-LAW to authorize the borrowing of ø.o.oø...!>.Q...... .........................................
WHEREAS the Council of the CorpÒration deems It necanar to borrow the sum of
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to meet, until the taxes are collected, the current expenditures of the Co ration for the year;
AND WHEREAS the total amount of the estimated revenues 0 the Corporation as aet
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forth in the estimates adopted for the year 1942.., not including reven es derivable or derived
·NOTElI_.... f', . f tax b . d i f d be tu .. zt_'
0001 01 _..... rom ar,rears 0 tiS, orrowmgs an SSU8S 0 e n res 18 ........~
. .,..... for the ; .
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AND WHEREAS the total amount heretofore authorized to
=E:0I1~-= thl "purposes Oientioned In subeection (1) of Section 339 of The Municip I Act is...........................,
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. ~t~...r.~.'!.!....~~.IUI!l:::~.~:::::::!.~:::Ø....dollars, of which the Corporation has already
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..dollars.
borrowed a total of......................................~!.l~............................................. .............................dollars.
THEREFORE the Council of the Corporation of the.........J.Q
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1. The Head and the Treasurer are hereby authorized on beh
are collected, the
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of ..........Q..m~..............................................hereby enacts as folio
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borrow from time to time, by way of promissory note, from the Ban of Montreal, a sum or
sums not exceeding in the aggregate..~~....r.!'!.!:..~""":.'... ........==M.I..r."'......
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............................................................................ 0 ars to meet, untl
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current expenditures of the Corporation for the year, including the a aunts required for the
PUl:p0&e8 mentioned in sub88ct1on (1) of the said Section 339, and to gi ,on behalf of the Cor-
poratifln, to·theBank ap!'Oflllssorynoteor notes, aealed with the co rate _I and signed by
them for the moneys so borrowed with interest at a rate not exceedin ~,..~f...........per centum
per annum, which may be paid In advance or otherwise.
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~ 268, R.S.o.
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Curront
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Umlt upon
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of preoecIing
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2. Ali sums borrowed from the said Bank, for any or all of the pu poses mentioned In the
said Section 339, shall, with intsrest thereon, be a charge upon the who I of the revenues of the
Corporation for the current year and for all preceding years, as and hen such revenues are
reosived.
3. The Treasurer is hereby authoriæd 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 pur mentioned In the said
Section 339, together with interest thereon, all of the moneys hereafter llected or reosived on
acoount or realized in respect of the taxes levied for the current year and preosding years and all
of the monøys coilected or reosived from any other source, which may la ully be applied for such
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p_ this........~~.................................dayof.. ........... ............. .................19.~j
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CORPORATE
SEAL
I hereby certify thatthe~ing Is a.true copy of By-law No.1.. .!...t. of the Corpora-
ti~n of.~...~.~...in the Province of On rio, duly passed at a
meetinìl of the Council of the said Corporation duly held, and that said By-law Is In full
force a:a=t:is.....1~....................day of.... . ............... ......... ...........19..#..~
As witness the Seal of
the Corporation.
"
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT RS.o. 193 .
(1) A council may by by-law either bofoI8 or aftIIr the paIIIIIng of the by-law .r impœlng the ratee for the
current year authorize the head and treaaurer to borrow from tIma to time by way of Issory note such sume ..
the council may deem neœssary to meet, until the taxIIII arB collected, the ClWl8ßt ex reo of the corporation
for the year, including the amounts required for Binklng fund, principoJ and intoreot fall due within the year upon
any debt of tho· corporation, school purpcøs, special ratee pu........ and for any bo . commission or body and
other purpcøs for which the corporation is required by law to provide.
(2) The amount which may be bonoMd in any year for tho purpcøs ment' In sublectlon 1 shall not,
exœpt with the approval of the Municipaí Board, exoood seventy per ..ntum· of the amount of tho estimated
revenues of the corporation as est forth in the eotImatee adopted for the year,
. '(3) 'Unm such eoitimatee ale adoplad,the limitation upon borrowlag prtlllCl'l by aubeactlon 2, shall tem-
porarily be calculated upon the estimal8d reven_ of the corporation as set forth In estimates adopted for the
next p_lng year.
(4) For the purpooea of subeactlona 2 and 3eot1mated revenues .hall not include IISI1UOI, derivable or derived
from ~ of t.... borrowings and laeuea of debentureo.