HomeMy WebLinkAboutKIN 64 1845 Borrowing By-law
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LF.311 Rev. May 1960.
Ont.
Municipal By-law for Current
Expenditures.
78094 Printed in Canada.
Municipality of...........~~...gr....~g.rg1).J!:P.X~~ ............................ .....
BY-LAW No..........................J...ª!:i:2............................ ........................... .....
WHEREAS. the Council of the Corporation deems .it. necessary to orrow the sum of
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to meet, until the taxes 'are .collected,Jhe current expenditures of the Corpora ion for the~year;
. AND WHEREAS thè total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 199.J., not including revenues drivable or derived
from the sale of assets, borrowings or ìssuance of debentures or from asurplu , including arrears
~~~TEJ I:''':': of taxes, is·.........~!?...Hll.!).~.r~.~....'?:A(t.'!:.Y!'.Q...r.!}9.1l.~.ªI?:~.......................... ................................
revenues for the .~ ',- '
;:,.:r;~"~ ................... ............!!!.o..:Ji~.!).~E~.~....'?:.!).~...:r.þ.~~::-.::-.::-.::::::::::-.::-.::-.::::::::::-.::-.::-.::::: ..::~.Q.9........dollars.
AN D WH EREAS the total amount heretofore authorized to be borr wed this year for
:'~~:ofl~ the purposes mentioned in subsection (1) of Section 329 of The Municipal A t is..............,...._...~;. .
8y.law(s) _ ._ ~
lIi;s _. .. Ni~ '., . .' - -'
..........................................................................................dollars, of which the Gor ratlo!!-'has.alr~ /~
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borrowed a total of.........................................=!:........................................................... ........~.......:.·.dollar..
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THEREFORE the Council of The Corporation of the...........~.<?~......... .........~::..............;.,... ,~~--_.
KINCARDIOOE .
of................·....................................................................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 of ontreal, a sum or
sums not exceeding in the aggregate....:::::::::::~.~.f.~y....r.~y..~...:n:.C?~.~~!?:~.... ..~~::::::::.::::~..........
-------No ------. xx d II t t t·t th t II t d th
.................................................................................... 0 ars 0 mee , un Ie' axe are co ec e, e
current expenditures of the Corporation for the year, including the amoun s required for the
purposes mentioned in subsection (1) of the said Section 329, and to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate eal 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.
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Sac. 32901
w.?o.~
Currant
borrow.....
LImit upon
borrowings
Limit at
anyone
time.
Treasurer
to furnish
lender with
oopy of By-law
T"""""ary
application
of estlmatea
of preceding
Ya"
Exclusion
from estimated
revenues
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2. All sums borrowed from the said Bank, for any or all of the purposes mfntioned in the
said Section 329, shall, with interest thereon, be a charge upon the whole of the evenues of the
Corporation for the current year and for all preceding years, as and when suc 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 years}. from the,said. ªank fºrany or all of the purposes mentio~ed in the said
Section 329, together with interest thereon, all of the moneys hereafter collected, or received on
account or realized in respect of the~1~{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 ¿
purpose. ~
Passed. ~.~s:::::::':::::·::·,::·.:.:I~t.~~·............··..·..·...·......·day Of.....:,..~~~':'a.r.!.:::.::.:~..... ....19.flf
j)ORPORATE
/ SEAL
.......... R~..· ü ëïïšlagël..·.... .
¡'hereby certify that the foregoing is a trGe copy of By-law No...JA4.?......df The Corpora-
tion of .ithe................ïo.wn...............,....of...............J:<;.¡j';I.G.A.@.m.~...........n the Provi~ce of Ontario,
duly passed at a meeting of the Council of the said Corporation duly held, an~.. that the said ffJ I .
By-law is in full force and effect. .... ~ :. .. . tV
Dated this.___l'.Þl.r9-_____.____...,................day Of......J..Ô;?~.ry~.......i.............1~.f...
As witness the Seal of
the Corporation.
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::êoRPÓRATE
SEl!t
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. (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the
current year authorize the head and treasurer to borrow from time to time by way of promissory 'Iote suoh 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 requi~ for sinking fund, principal and interest falling due wi~in the year upon
any debt of the corporation, school PUrp&Se8, special rates purposes, and for any board, commi$Sion or body and
other purposes for which the corporation-Is required by law to provide.
(2) The amount that may beb,ortOwed in arty year for the purposes mentioned in subs!ection 1 shall not,
except with the approval of the Municipal Board, exceed 70 per cent of the total amount of the estimated revenues of
the corporation as set forth in the estimatea adopted for the year. R.S.O. 1950, c. 243, s. 341 (1,2).
(3T ;he-amount that may be borroWSII. 'àt anyone. iime--fe..lhe purposee mentioned in subsection 1 together
with the total of any similar borrcwingsthathave not lieen repaid, shall not, except with the approval ofthe Municipal
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation'as set forth in the
eatimates adopted for the year. . ) - - - - .. --
(4) At the time, after the 30th day of June in any r;ar, that any amount is borrowed und~r this section, the
treasurer shall furnish to the lender a copy of the by-Iaw;wthorizing 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 estlmatea adopted for the next preceding year, and also showing the total of any amountll borrowed
under this ssction that hIM! not been repaid. 1958, c. 64, s. 23 (1).
(5) Until such estimates are adoptðd,the limitations upon borrowing prescribed by subsedtions 2 and 3 shall
temporarily be calculated ,upon the estimated revenues of the corporation as set forth in the estimates adopted for the
next preceding 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 incruding arrears of taxes ¡and proceeds from
the sale of assets. R.S;O. 1950, c. 243, s. 341 (4); 1958, c. 64, s. 23 (3).
0N.B. If there is suffICient availablé under existing by-Iaw(s) to provide for the fresh assistance required
a new by-law is not needed.
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EXTRACTS fROM THE MUNICIPAL ACT R.8.0. 1960
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