The URL can be used to link to this page

Home My WebLink AboutKIN 66 1922 Borrowing By-law , "NOTE: Insert am· oum of _Imated revenues for ths """'"' _ if ad- _,.not,_ of last year. LF. III Rev. May 1960. Onto Municipal By-law for Current .Expenditul88. 92950 PrInted In Canada. , . ... . TOWN OF KINCARDINE M unlclpahty of............................. ........... ............. ........ ............. ..................... BY-LAW No.......~9.~.?.......................,...................... ..........................,....... WHEREAS the Council of the Corporation deems it necessary to borrow the sum of v ...~~.:::::::'....~.~.~.~...~~9.~.~.Æ:~I?....D.g~.L.f!..~......:7:7':.7':.7'::::::::::7':.......................... ......,..........,.,..dollars 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..9.5.., not including revenues erivable or derived from the sale of assets, borrowings 0" issuance of debentures or from a surp! s, including arrears of taxes, is·. .'!.~o.. ..Þ.~~.r.!!IØ:.. .ª.mi,...f. ;i,..f.'!;y..~ ~,;i,.,gþ.1;... ~.!),q:y..ªªIJ.d... ..ª.U. . ........... ............... ...... ...:..:.....,.... .,...........:!;.~.g....J:l~g.~~...:7.:7.:7::::::ªJ).4....t.Þ.1tl.~~lL.aJl..d.......... ............6.3ÜOllars. AND WHEREAS the total amount heretofore authorized to be bor owed this year for N0ntTE' 'Insert ~. the Purposes mentioned in subsection (1) of Section 329 of The Municipal ou 0 preVIOUS _8) ...... if' . tis............................ .....................ß.U...........................................................dollars, of which the Cor ra!ion has..aírê.dy ..... "/_, borrowed a total of...................................Nil.......................................................... .:......;;..,;:-....dõllai&.-: T - - --' THEREFORE the Council of The Corporation of the....................()~. ...~................,;......:-:...:: r ,-"" _ óL........~.~.~~~~.~.~.~.............................................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....:::::::::ª:!-.~y....~,!1:():u..s.~mg..ß.º:q.ª.. J.i!...~~...:::-... ................................................................................~ollars 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......... ..............per centum per annum, which may be paid in advance or otherwise. ". -..." ~~:oo Current "'rowIngs limit upon borroWlIIfI8 limit at any one time. Treasurer tofurnl8h lender with COpy or 8y..law Temporary application ofestlmatell of preceding ".., Excluaion from eøtimated reven.... 2. All sums borrowed from the said Bank, for any or all of theøurposes In ntiDried In the 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 and when sue revenUes are received. 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 borro d in this year and any previous years, fr.om the said Bank for any or all of the purposes mentio ed in the said Section 329, together with interest thereon, all ofthe moneys hereafter collected r received on account or realized in respect of the taxes levied forthe 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 purpose. Passed this...........!.!'!.!:?!?............................................day of.... !!. CORPORATE SEAL ............~..... I hereby certify that the foregoing is a ti:ue copy of By-law No.....+.9.~.?.....0 The Corpora- tion of the.............~~.~........................of...........!!;:!-.~.ç.ª.m+..~................in the Provi ce 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 foreo and offect. . ~a«!d this......:t?~~.~.........,..........:'..........................day of....!l.f.\l\JM!..X'Y............ ...........196.6... As witness the Seal of the Corporation. ......~.... Olerk. _.-.... . ~ 6...-"'" ;..... - -:-~ ,~- 2CORPORA~ _sl!!t - - - - - - ~ - - - -:.- " EXTRACTS FROM THE MUNICIPAL ACT R.B.D. 1960 , ., , . -. '(1)" A õounoil may by by-law either before or _r tho pasoing··of tho by-law fori'!!JlO8ln ,the rates for the ourreñtyear authõrlzo the head and troasurorto borrow from til11!l tot¡me by way of promissory te such sums as the oouncil may doom noœssary to ~, until tho taxes are colloctod, the current expenditures f the corporation for the year, including the amounts requin(! for sinking fund. principal ãnd interest falling due wi in the year upon any debt of Ih<! corporation, 8Ohool porposes,spocial rates purposÓs; and for any board, commi ion or body and other purposes for which the corporation is roquin(! by law to provide. (2) The amount that may be borrowed in any year for Ih<! purposes mentioned in subs except with the approval of the Municipal Boatd, exceed 70 per cent of the total amount of the esti ated revenues of the corporation as sot forth in the estimates adop!lOd for tho ~r. R.B.D. 1950,0. 243, s. 341 (1,2). - - (3) The àmoWlt:that may be .borroWed·atMy otI8 tiliie t'Orthe purposes mentioned in S\I ion 1 together with the total of any similar borrowings that have not been repaid, shall not, except with the approv of the Municipal Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation set forth in the estimates adopted for the year. ' ., (4) At the time, after the 30th day of June In any~, that any amount is borrowed und treasurer shall furnish to the londer a ropy of the by-law authorizing the borrowing and a state nature and amount of the.estimated røvenues,af the current year not yetcollaoted or,whera the year have not been adopted, a statement showing the nature and amount of the estimated revenues as set forth in the estimates adopted for the next preceding year, and also showing the total of any under this s""tion that have not boon repaid. 1958;c. 64, s. 23 (1). (5) Until such estimates are adopted, the limitations upon borrowing pre80ribed by subs ons 2 and 3 shall temporarily be calculated upon tho estimated revenues of the corporation as sot forth in the estimat s adopted for the next procoding year. R.S.D. 1950, '0. 243, S. 341 (3); 1958, c. 64, s. 23 (2). (6) For the purpose of this sootion, estimated revonuOlJ shall not include revenues derlvab or derived from the sara of assets,· bol'lOWings or issues or debentures or from a surplus including arrears of taxes d proceeds from the sale of assets. R;S.D.1950, c. 243, S; 34t(4)¡ 1958. 0. 64, s. 23 (3). sN.B. If there is sufficient available under existing by-law(s) to provide for the fresh ass; a new by..law Js not needed. -' -- / / this section, the ent showing the stimates for the f the corporation unts borrowed . roquin(!