HomeMy WebLinkAboutKIN 67 1997 Borrowing By-law
LF.:18 Rev. May 1960.
Onto
Munioipal By-law for Current
Expendltu....
98812 PrInted In Canad..
Municipality of...........1'.º~......Q.f....K;\..!)..Ç,.íu.?.;t.n~. ..............................
BY-LAW No.................l9.9.1....................................... ..............................
WHEREAS the Council of the Corporation deems it necessary to b rrow the sum of
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to meet, until the taxes are collected, the current expenditures of the Corpora on for.Jñe ~a!.! -::. -.:-' _
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AND WHEREb§·the total.am!lunt of the estimated revenues of the CorPÎ1.~iortlls set ::::
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forth in the estimátesadopted for the year 19..fJ7., not including revenues rivabl~-ó¡ dbrived-' _ _...
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from the sale of assets, borrowings' or issuance'of debentures or from a su1rpl s, including arrears
~.¡ I=::; of taxes, is*...1'.w.9....b..p...n.Q.rn.d....and....p.i.n.ety;~eight....th.ou.sand.t... ight...hund.re.d and
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~ w...:'; ....~.h-J.~.y.:::.f9.hl:r....ªnçj..:..?Q¡;¡,ºº...............~':":.':"::::~~....................~............... ......................dollars.
AND WHEREAS the total amount heretofore authorized to be bo rowed this year for
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. .NOTE' '~ the purposes mentioned in subsection (1) of Section 329 of The Municipal ct Is............,......;.:.7~~ ~~_
puaed ~ r-..."" A ~- .'
. niL ~ ' . . d II f h· h th C ti h'.::::- I d ~ ..~. ~
.......................................................................................... 0 ars, 0 w IC e 0 pora on as a rea y ~ _-
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borrowed a total ..of..............nU...._................................................................... ................:.:;.dolfllrs. :: ::::
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THEREFORE the Council of The Corporation of the............9..\'m...... .....................::..,;.>.~.o..--.· ,:-.'
of..............Kip.¡:.a.cliue..........................................hereby enacts as follows
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time, by way of promissory note, from the Bank Montreal, a sum or
sums not exceeding in the aggregate........~.::.::.r.~~.n1<.Y....y.þ&\~.§ªng,...g. J,lª-:r.I?....::::::-.::-.:........
.
............::.::.::::::::..........................................................dollars to meet, until the xes are collected, the
. current expenditures of the Corporation for the year, including the a unts required for the
purposes mentioned in subsection (1) of the said Section 329, and to giv ,on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corpo ate seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding.. ..9.%...............per centum
per annum, which may be paid in advance or otherwise.
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2. All sums borrowed from the said Bank, for any o(all of the purþoseslmentioned In the
said Section 329, shall, with interest thereon, be a charge upon the whole of thb revenues of the
Corporation for the current year and for all preceding years, as and when Sllch 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 sums borreìwed in this year
and any previous }fears, from the eaid Bank for any or all of the purposes mentioned in the said
Section 329, togetherwith inteiesnhereon, alÎ of the moneys hereafter collected or received on
account or realized in respect of the taxes;ievied for the current year and preced¡ng years and all
of the moneys collected or received from any òiher source, which may lawfully be,applied for such
purpose.
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..:' ",',' Passed this............F.;i.r.ª.~..........................................day Of......p.....~.."..§.1
f..:'~2~-:~~TE '..- ........·.............(Th;~hO·CO~ ....;.~.~.:..~....
~ ~ ~ :: S l: ........·~itt· . ... .. .. . 'ae;.:"
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". ..:'~-..<J:~)rêby certify that the foregoing is a t~ùe copy of By-law No......:J.9.9.1...of The Corpora-
'tio~ of ·the............!~~.........................of................;~.~.c;:~.~.~.!l.~..........in the Provilllce of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, and: that the said
By-law is in full force and effect. J'
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Dated this........f.j,.r.~.1;....................~~.~_,.,,~.........day of..:....J?~.g.~m!?~.r........!.......,...19.§7.
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As witness the Seal of
/-:.-~£orporation.
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~'~"""" '.-"'~.' >. EJtTFlAeTS FROM THE MUNICIPAL Am' R.S.O.1960
RAo.191!O '., .,' . '
(1) A council may by by-'aweither before or after tho passing of the by-law for ,imposing t~ rat.. for 1ho
CuTeoI our",nt year authorize tho head and _ufor to'borrow from time ,to timoby way of-promissory nosuoh sums ..
bOhr._I. the council may deem necessary to meet, until the taxes are collected, the current expenditures of e corporation
for tho year, inoluding the amounts required for sinking fund, principal and interest falling duo withi tho year upon
any dobt of tho corporation, school purposes, speo!al ratos pU/'ÌOSOS, and for any board, commissjo~ or body and
other purposos for which tho corporation is reqUIred by Jaw to provide.
(2) Tho amount that may bo borl'OWlJd in any year for ,tho purpoaes mentionod in subsection 1 shall not
oxœpt with tho approval of tho Muniolpal Boam, oxœod 70 por œnt of tho total amount of tho ..tima~ rovenu.. of
tho corporation.. set forth in tho ostimatos adopted for tho year. R.S.O. 1950,0. 243, s. 341 (1.2).
-(3) Tho lIØ10unt that maybe borroVIed;,at aNí .ono ,Ii_""..tho Ourposes mentioned in subsection 1, togethor
with tho total of any similar borrowings that have not been ropaid, shall not, oxoept with tho approval oflho Municipal
Board, oxœod 70 per œnt of tho uncollocted balanœ of the estimated revenu.. of tho corporation as ..t forth in the
estimates adopted for !be year.. ' ", .
(4) At tho time, after the 30th day of June In any lear, thot any amount is borrowed undor this seotion, the
treasurer shall furnish to tho londor a copy of tho by-law authorizing tho borrowing and a statemont ohOWing the
nature and amount of tho ostimated reven.... of the ourrent year not yet colloolod or, who", tho osti!natos for the
year havo not beon adopted, a statement showing tho nature and amount of tho estimatod revonuea of t* corporation
as set forth in tho ostimalea adopted for the nox! preœding year, and also showing tho total of any amounts borrowed
undor this section that haVo not boan repaid. 1958,,0. 64,s. 23 (1). . I ,
(5) Untilsuoh ostimat.. are adopted,' t, he, limitations upon borro, wing prescribod by subsections,~ and 3 shall
temporarily be caloulated upon the ostimated ............ of the corporation as set forth in tho ostimalea adj'ptOO for tho
noxt preœding year. R.S.O. 1960,0. 243, .. 341 (3); 1958, o. 64, s. 23 (2). !
(6) For tho PUI'lO$9, of this section, ostima, too revenuos ahall not inoludo revenues dorivablo or ~orived from
the 8a]e of assets, borrowings or issues of debentures or from a surplua--lnoludlng a"ears of taxes and PltOC8øds from
the salo of assets. R.S.O. 1950, 0. 243, s. 341 (4); 1958, 0. 64, s. 23 (3). :
°N.B. If thore is suffioiont availablo undor oxistlng by.law(s) to provide for tho f.....h assIstanœ ~«Ulred
. new by-law is not needed. "
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11\ Merri 1#t..:' ow..
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Limit at
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time.
T.-u....
to furnish
lencferwith
copy of By-law
T ØIYIPØI'ary
appIicatfon
ofeslimatee
ofpl'llOedinø
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E><oIInIon
from ØlJtjtnateð
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