HomeMy WebLinkAboutKIN 67 1972 Borrowing By-law
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L.F. III Rev. May 1960.
Oat.
Municipal By-law for Current
Expenditu....
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92950 Printed In Canada.
Municipality of.........~9.~....'?f...~~.n..c:[J;:r.?~.n..~. ...................................
1972
BY-LAW No.. .............................................. ............... ...................................
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
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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 estimates adopted for the year 19.6.9.., not including revenues etlvable or derived
from the sale of assets, borrowings or issuance 'of debentures or from a surpl s, including arrears
~'NOTE'¡ '=~ of taxes, .Is·.....~9....h.1JD.gr.ê.g.....~D.9,...~.~y.~.rr.~.Y..~9.!).,~...~.h9.!-!:ê.~!.!.~..~ ..~....~~~....~.~~.d.!:.~d
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AND WHEREAS the total amount heretofore authorized to be bo rowed thi,:yeat::fcu: ::. -~--:
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=E'oi"'::...~:;; the purposes mentioned in subsection (1) of Section 329 of The Municipal ct is.........~,.-:;:......:::..... ::::- :::;
~w(a) paaaed , - ...... ...... ~, -
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.............................11...........................................................dollars, of which the Cor ration has-al~daöy~." ~ ~
borrowed a total of.................................nil............................................................ ......................dollars.
THEREFORE the Council of The Corporation of the.........'r.9.rID....._......_._..............................
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of............~...!1:.<??r..ç!?...~.~............................................hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf 0 the Corporation to
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borrow from time to time, by way of promissory note, from the Bank of ontreal, a sum or
sums not exceeding In the aggregate.....~:::r.9.r.~.Y.....t.!:t9.lJ-.~""!1ß...<19.U~r.. .:...~::-.::.::...................
.....................::.::.~.-:-.::.~.-:-.:.........................................dollars to meet, until the tax s are collected, the
current expenditures of the Corporation for ti1e 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 corporat seal and signed by
them for the moneys so borrowed with interest at a rate not exceeding......... ..g..........per centum
per annum, which may be paid In advance or oti1erwise.
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3. The Treasurer is hereby authorized and directed to apply in payme t of all sums,
borrowed pursuant to the authority of this By-law, as well as all other sums borrow d in this year
and any previous years,from the ,said (lank for any or all of the purposes mentio d in the said
Section 329, together with interest ti1ereon, all of the moneys hereafter collected r received on
account or realized in respect of the taxes levied for the current year and precedin years and all
of the moneys collected or received from any other source, which may lawfully be a, plied for such
pu rpose.
Passed this...............,......~~.?:~.~.,:.::...........................day of.,.... .....ol.¡m.U,<;\ 1:.1. ...:. .... ../..19..:67.
CORS~TE ,F~..·~ii·~;ï~·~~..·......·~..·....
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I hereby certify that the foregoing is a true copy of By~law No........197.~..of The Corpora-
tion of the...........:r.9~..........................of...............~i.~.~.:'!:;r::~!!:~............in the Provirjce 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.
,-;;:;-- ~:.>- Dated this...,.~.............N.~!1:!?£\............._....................day of........§~~~.!.'.Y.........~, ..........19..!?7..
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Boo. 329 aI
Ch"" ...
R.S.O.1911o
Current
borrowings
Limit upon
borrowinaa
Limit at
anyone
time.
Treasurer
tofumiah
lender with
copy of By-law
Tomporary
applJoation
of estimates
of preceding
_% year
Exclusion
from 68tImaled
revenues
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2. All sums borrowed from the said Bank, for any or all of the purposes m tioneif in ti1e
said Section 329, shall, with interest thereon, be a charge upon the whole of the r venues of the
Corporation for the current year and for all preceding years, as ánd when such revenues are
received.
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As:;'itn¡¡is the Seal of
the::Þor~r!ltion.
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Clerk,
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"~Jfë'
CORPORATE
SEAL
EXTRACTS FROM THE MUNICIPAL ACT R.8.0. 1960
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(1) A council may bY by-law eitherbefo.... or, after the passing of the by-law for imposing Ith<nates for the
current year authorize the hea<l an<l treaaot8r to. borrow from time to time by way of promissory n~te such sums as
the council may <loem necessary to meet, until the tax.. are collected, the current expendituree 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, spøo!al rates purposes, and for any board, commi"'ion or bo<Iy and
other purposes for which the corporation i. requl....d by law to provide.
(2) The amount that may be borrowecfln any year for the purþOSes mentioned in subsection 1 shall not,
exoopt with the approvat of the Municipal Board, exooed 70 per oont 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)..
(3) Th.. amourit that may be borrowèd at anyone time f... the purposes mentioned in subsØction 1, together
with the total of any similar borrowing. that have not been repaid, .hall not, except with the approva~ of the Municipat
Board, exooed 70 per oont of the uncollected balance of the estimated revenue. of the corporation. set forth In the
estimates adopted for the year. " - - - I -
(4) At the time, after the 30th day of June in any year, that any amount I. borrowed undet this section, the
treasurer .hall furni.h to the lender a copy of the by-law' authorizing the borrowing and a statement showing the
nature and amount of the estimated ....venues 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 ~ the corporation
as .et forth in the estimates adopted for the next preceding year, and al.o showing the total of any a!l1ounts borrowed
under this section that have not been repaid. 1958, c. 64, s. 23 (1). !.
(5) Until such estimates are edopted, the limitations upon borrowing prescribed by .u_"n. 2 and 3 shall
temporarily.be calculated upon the estimated revenues of the corporation.. set forth in the estimattjs adopted for the
next preceding year. R.S.O. 1950, c. 243,..341 (3); 1958. o. 64,..23 (2). '
(6) For the purpose of this section, estimated revenues shatl not include revenues derivable or derived from
the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from
the .ale of ..eets. R.S.O. 1950,0. 243, s. 341 (4); 1958, 0. 64, s. 23 (3). '
·N.B. If there is sufficient available under existing by-law(s) to provide for the f.....h asalsWnoe required
a new by-law I. not needed." I
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