HomeMy WebLinkAboutKIN 63 1822 Borrowing By-law
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LoP. It Rev, J~1y 1952.
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Municipal By-law for C~mont
Expenditures.
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Municipality of.._...................!.~...9!...~;.. ..~~~~......................
BY-LAW No.....................................!~.~.ª........... .......................................
WHEREAS the Council of the Corporation deems It necessary 0 borrow the sum of
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to meet, until the taxes are oolleeted, the current expenditures of the Corp ration for the yeat'- - . ~ ~"' -
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AND WHEREAS the total'ar¡to\Jnt of the estimated revenues of he CorporatiQlr as:!e!... ~ -
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forth in the e~rnates~doPtedfor the' yeàl' 19.§.?, not including revenu
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derivable orAleri9lld
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from the sale of assets, borrowings or issuance of debentures or from a su plus, including' arJeÎlrs"
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::.ITE,i I~...::ï of taxes, ·ls·....::~~.=º"'~...n~.r.!g,...ª.~_..~~.~.'!i.Y.......T.!:I,JI."'.'-ªM!! ..........._...........................
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AND WHEREAS the totàl amount heretofore authorized to be rrowed this year for
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:::?lE'.,I~ the purposes mentioned in subsection (1) of Section 341 of The Municipal Act is............................
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nile _. Nil
..........................................................................................dollars, of which the rporation has already
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borrowed· a total of......~.".,..:...,.......\.................................................................... ...................,.....dollars. ....
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THEREFORE the Council of The Corporation of the.............r.~~... .......................¡,~...:......:: /'--'.': .
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of........~.~º.~~!~~...............................................hereby enacts as follow : - -
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1. The Head and the Treasurer are hereby authorized on behal of the Corpofation to::, .'
borrow from time to time, by way of promissory nota, from the Bank
BUms not exceeding in the aggregate.._':=:::=1..!f.~r....,J:!!...:.r.Þ.º:9!L ......J\!I4.::'.::-::::::::::::.....
·;........................:::::::::::-.::-.::-.::.:::::...J!..!L................dollars to meet, until the
current expenditures of the Corporation for. the year, including the am unts required for the
purposes mentioned in subsection (1) of the said Section 341, and to give on behalf of the Cor-
, poration, to the Bank a promissory note or notes, sealed with the corpor e seal anI! signed by
them for the moneys so borrowed with interest at a rats not exceeding... l........:.....per C!lntum
per annum, which may be paid in advance or otherwise.
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2. All sums borrowed from the said Bank, for any or all of the purposes men~òned in the
$aid Section 341, ,hall, with intere,t thereon, be a charge upon the whole of the rev n tJes of the
Corporation for the current year and for all preceding years, as and when such r venues are
received.
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3. The Treasureris hereby 4utþorized and directed to apply in payment lof all sums
borrowedpursuarltto the authol1ty of tlilsBy-law, aa well as aU other sums borrowe in this year
and any previous years, frorlhthe said Bank for any or all of the purposes mentione in the said
Section 341, together with interåst,theréOn, all of the moneys hereâfter collected or received on
account or realized in respect of the ta!<es levied for the current year and preceding ears and all
of the moneys collected or rsceived'frem aJjy other SOUfC8,whioh may lawfully be app iedfor such
purpose~, ,,_, __.____' .._. _____
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.- . . . Passed thl'.................................._..................."..........day of.......................~........ ........19.......
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~ ~ SEAL
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,.-- I hereby certify that thefor~ Is a true copy of By-law No.....;t,~.~~..... of he Corpora-
tion of the ...............~f_......:..L...;¢;.:mia.RJi_................lnthe ¡;;~~ce of Ontario, '
duly ~ at a -meetin¡t-of-t!le-,eouilCilof th.. said Còrporation dUly held, and at the said
By-law 'is ill full force and effect.
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Dated this............:..:..~:r..é~_':T:::....:.:..............daÝ of...........~~úa.r,......... ........19.63..
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As wltn_ the Seal /If
the Corporation.
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110, R.S.O.
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from esUnIIded
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EXTRACTS ,1'R()tJI THI; r,4~NICIPAL ACT R.S.O. 1960.
(Ì) - Ã council mRýby ~y4aw elt~ ~I\J ~r'afier tiië Püšing of the by-taw for Imposing
current year authorize the head and t~ 1& borrow from time 1& time by way of promissory
the còuncll may deemnØCll8W'y to meet, until the taxenT. collected, the currant expendit\lrlls of
for the year,lncludlng the amounts requll'Gd ìor "'liking ,und, principal and inlereet falling due with!
=:.~:~::.:~:=:; :"":'~:.T'~=;=:r.=;. and fOT;~, board, commlssi
eX1>Opt ~ ~ == ~~. "'M~n~I.:;::,~.:~:'~~:~=~ ~':.: i~~nt 'o;:,~ ::,1,=
rovenuss of the corporation aa set forth in the~ ad~ for the year. , " !
(3) Until sucl.estimàtes are adopted, the limitation 'upon borrowing presorlbed by subsecti 2. shalllem-
,porarily be cslculated!'Pl!" tha estimated _nues of the corporation as set forth in tha estlmatss opted for the
neXt'preoeding year...... .... .
(4) ForthepUr lOOØSof...bsectiona 2~ 3, ~rrllLted __ shall not Include revenues de ble or derived
from the,asla of _. borrowlnga or I__!lf,i~or·from à8Urpluslnclúdlng arrears of and þreoeeds
from the sale of _
ratea for the
such sums as
e C(lrporatlon
the year upon
or body and
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