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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 \' '-, ~., .- ....::: :::::'.::'.::'.~.. .rW.Emty.~.thQl1s.and...d. D.llar.s. ..... ."'''''''.'''.'''.':":.. ............. .......... ........... ...;..~:1iÕIr¡n:S"~· ........-' - /' ," ...:."" --:.. ./'~~, to meet, until the taxes are collected, the current expenditures of the Corpora on for.Jñe ~a!.! -::. -.:-' _ - - AND WHEREb§·the total.am!lunt of the estimated revenues of the CorPÎ1.~iortlls set :::: - " ~, ~ forth in the estimátesadopted for the year 19..fJ7., not including revenues rivabl~-ó¡ dbrived-' _ _... " 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 .- ... tho 'i'. . ' ~ 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 - - ~ ~ . .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 ~ _- - -" ,.. -- - - - - borrowed a total ..of..............nU...._................................................................... ................:.:;.dolfllrs. :: :::: - -' '-- " :: - "",' ......... - T ' ~ /- 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. (/f1 ':2hJ:tr,,l~f I 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. . I ..:' ",',' Passed this............F.;i.r.ª.~..........................................day Of......p.....~.."..§.1 f..:'~2~-:~~TE '..- ........·.............(Th;~hO·CO~ ....;.~.~.:..~.... ~ ~ ~ :: S l: ........·~itt· . ... .. .. . 'ae;.:" -- /' /. ':'. -- ". ..:'~-..<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' - '~, -' i . ,..- Dated this........f.j,.r.~.1;....................~~.~_,.,,~.........day of..:....J?~.g.~m!?~.r........!.......,...19.§7. -- . >, ., .' As witness the Seal of /-:.-~£orporation. .....""- "" <,;'-,. - ...' . ~é ~""'.^ - /. ..."''!'''..' ~'''' :: 1'_;;-- _ -,#' r '" -"-- ~ ~ tmRPORATE _- -. -- -~EAt.. --.- - - ':- < -::., <'--~ - /, ..',~ ~- -" - . ~'~"""" '.-"'~.' >. 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'OW lJd 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. " ........~..~.......... 11\ Merri 1#t..:' ow.. L' ~ Limit at ,""." time. T.-u.... to furnish lencferwith copy of By-law T ØIYIPØI'ary appIicatfon ofeslimatee ofpl'llOedinø - E><oIInIon from ØlJtjtnateð ......... --- . . ~-".