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Home My WebLink AboutKIN 67 1983 Borrowing By-law ~ L.F;U Rev. May 1960. Onto M unicipaJ By-law for Current Expenditures. 98812 Printed In Canada. Municipality of...............îºWJ!....9.:f....~;.~.Ç.~~.~ ..~.............................. 1981 BY-LAW No............................................................... ................................... WH EREAS the Council of the Corporation deems it necessary to borrow the sum of ..................::'.::'.::::::::'.:::.~~.!)..~.y...J~p.~.~~.~~~....~.~.~~.~.~~...:::::::::-.::-.::-.............. .......................doJlars to meet, until the taxes are collected, the current expenditures of the Corpor tion for the year; AND WHEREAS the total amount of the estimated revenues of th Corporation as set forth in the estimafes adopted for the year 19.9.7.., not including revenues erivable or derived from the sale of assets, borrowings or issuance of debentures or from a surpl s, including arrears :~~T~ ''='...~ of taxes, is....'¡)~·9....Þ...\mg,n.d......~4...J.,1m¡!.:I;.y...!ª.1gb.:I;....1<h9.!1.ª.ª.~º'..... ...1.&~~..þ:g.ªg,.~.9. and revenues for the ..., ;S~ »...:; .~b1.~Y:~:f.9.J¡\r....aXld....~6/1QO....~.~~"..,.,.,.,.~.~~~"'.,.,.,.,.~!!!......................... ......................dollars. AND WHEREAS the total amount heretofore authorized to be bo row~-{his'iéar}o)' / -' ~TE:o/'~ the purposes mentioned in subsection (1) of Section 329 of The Municipal ctJ~....;;..._...~.....::.c~ 1Iy.Iaw(e) ....... - -.' - -- ~. .....................................~.~.l.:................,...........................do"are, of which the Cor Rttioñhas a...ì(eaiYf ..... ~ , , borrowed a total of..............................!);;I:),............................................................... ....................:d~lJai~. THEREFORE the Council of The Corporation of the...........!:'.~~....... .................................. of..............~.~!);~.!I.~-*~~...........................................hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized on behalf 0 the Corporation to borrow from time to time, by way of promissory note, from the Bank of ontreal, a sum or sums not exceeding in the aggregate..........:::::-.'J:.w...JA:I;.Y....1<b.O'J¡\IiI.ªXld....Q..Q.l. ...............................::-.:::::-.::-.:::::....................................dollars to meet, until the tax s are collected, the ~ current expenditures of the Corporation for the year, including the amou ts required for the purposes mentioned in subsection (1) of the said Section 329, and to give, 0 behalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by them for the moneys so borrowed with interest at a rate not exceeding....5 ..............per centum per annum, which may be paid in advance or otherwise. 'See. 329 01 Chao. "9. R.S.O. 1960 C"",,", -.... Limit upon borrowinga Limit at any one time.. T......." to furnish lender with copy of By-law Tom""ary _"oat'on or-estimates of prøoedlng ,.... Exclusion from estimated revenueø 2. All sums borrowed from the said Bank, for any o(all of the purposes mef,' tioned in the said Section 329, shall, with interest thereon, be a charge upon the whole of the re enues of the Corporation for the current year and for all preceding years, as and when 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 sums borrowed in this year and any previous yeats, from the saili Bank for any or all of the purposes mentioned in the said Section 329, together with interest thereòn, ail of the moneys hereafter collected or received on account or realized in respect of the taxe!l levied for the current year and preceding, years and all of the moneys collected or received from any other source, which may lawfully be applied for such ~~~. ! Passed this.........................f.JJJ.P..............................day of.~...:....~.·:.....·.....·..:..i9....67 CORPORATE ..................................Y...":.....~..!...~........ SEAL (Thl H.... of 'hI eo..........) Ma 0 r ................~..... 1 hereby certify that the foregoing is a trïìe copy of By-law No......+.9.!tL..of The Corpora- tion of the..............î.9Jm....................".of...,..,..Kinc.a.l:'dine.................in the Provin e of Ontario, duly passed at a meeting of the Council of the said Corporation dUly held, and that the said By-law is in lull tòrce ¡md effect. . .. . Dated this...........................~.~~~~".,..".,~......"....~.9iY Of...f-.....~y.................,...._..:)9.J~-l. ~1~J tt¡¡,.;¡ilal of .. me Cêtporation;' - - -- .. - .. - ...........~....... C.R, Merritt . Clerk. .. ~ -- /' - , .' /.OO_~E _ t'. ',' EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960 (1) A council may by by-law either before or after the passing of the by-law for Impooing¡the rates for the current year authorize the head and treasure, to borrow from time to time by way of promissorynb«fsuch sums as the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation for the year, including the amounts required for sinking fund, principal and interest falling due within the year upon any debt of the corporation, school purposes, special rates purposes, and for any board, commiS$ion or body and other purposes for which the corporaJion is reqUired by law to provide. (2) The amount that may be borrowed in any year for the purposes mentioned in subse:tlon 1 shall not, excopt with the approval of the Municipal Board, excoed 70 per cent of the total amount of the estimated revenues of the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 341 (1,2). (8-)- The amount that may be boIrOWe'd.at an)!: one time·for the purposes mentioned in subS!ctlon 1, together with the total of any similar borrowings that have not been repaid, shall not, excopt with the approval of the Municipal Board, excoed 70 per cont of the uncollected balance of the estimated revenues of the corporation as set forth in the estimates adopted for the year. (4) At the time, after the 30th day of June in any lear, that any amount is borrowed under this section, the treasurer shall furnish to the lender a copy of the by-law authorizing the borrowing and a statement showing the nature and amount of the estimated revenues of the current year not yet collected or, where the estimates for the year have not been adopted, a statement showing the nature and amount of the estimated revenues of the corporation as set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed under this section that have not been repaid. 1958, c. 64, s. 23 (1). (5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall temporarily ,be calculated upon the 8Stìm~d revenues of the corporation as set forth in the estimates adopted for the next preced,"g year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2). (6) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes ""d proceeds from the sale of assets. R.S.O. 1950, c. 243, s; 341 (4); 1958, 0. 64, .. 23 (3). 'N.B. If there is sufficient available under existing by-Iaw(s) to provide for the fresh asslSÜlJ1C8 required a new byoolaw is not needed. .