HomeMy WebLinkAboutKIN 62 1796 Borrowing By-law
&.F. II Rev. July 19111!.
ChIt.
Municipal By-law for Current
Expenditurea. .
14CM5 PrtnIed In 0IInada.
.. Town of Kincardine
Municipality of"............................................................... ........... ...................
1796
BY.LAW No.................................................................... ..............................
WHEREAS the Council of the Corporation deems It necessary to rrow the sum of
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to meet, until the taxes are collected. the current expenditures of the Corporati n for the.year.- .' ;">. .
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AND WHEREAS the tota/amount of the estimated revenues of the. orporafi8l1 aa..,set --;. _ -:.
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forth in the estimates adopted for the year 19.6.L. not Including revenuss de ivable.; der.ï¥ed = :: =
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It from the sale of assets. borrowings or issuance of debentures or from a surplus includilÎg _~~8. ",. ~___",
= ~ l':r..:ï of taxes. Is·.::::::...Qn..~..J:!!:ID.g.r.~ª...ª.!).g...¡¡;;\.$h!<y....T.h.r.ra~...ïb.9.JJ.¡¡.an.c;\.,. ...............................
revenu8I fer the
:ri Cf:c. ø...::.; .............................. .......:r.hr.~~...!iy.!'!g.r.gg....a.ns;t..N..;i..n.ra:t.y.:-:.:-:.::.:::::::::-:,:-:.::.::.::::'. ... ..A61... .dollars.
AND WHEREAS the totàl amount heretofore authorized to be borro ed this year for
::'~E'..'~ the purposes mentioned in subsection (1) of Section 341 of The Municipal Act s............................
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.hIe ..... Nil
..........................................................................................dollars. of which the Corpo ation has already
borrowed a total ..of....................N;!;!......................................................................... ..................dollars.· . _
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THEREFORE the Council of The Corporation of the............X01l!l1........... ...............;:..;,:........ -:. /--.
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of........KIN.CARD.INE................................................hereby enacts as follows:
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1. The Head and the Treasurer are hereby authorized on behalf of
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e CorporJitrøn to ,-'- .... .,'
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ntreal, a BUm' or
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borrow from time to time, by way of promissory note. from the Bank of M
sums not exceeding in the aggregate....::.::.::-.f..U!<y....f..:j,y.!i!...J'.h.9.),!!?ª.!)..çL~L ......:::::::::::::.::.::......
..::::::::::::::-.::-.::.::::-.::-.::.:::::::::::::.::.::.:::::::-.::-.::.N~L...dollars to meet. until the taxes re collected. the
current expenditures of the Corporation for the year. including the amoun required for the
purposes mentioned in subsection (1) of the said Section 341. and to give, on ehalf of the Cor-
poratlon, to the Bank a promissory note or notes. sealed with the còrporate s al and signed by
them for the moneys 80 borrowed with interest at a rate not exCeeding......5.J ...........per centum
per annum. which may be paid in advance or otherwise.
2. All sums borrowed from the said Bank, for any or all of the purposes entioned in the
said Section 341, shall, with interest thereon, be a charge upon the whole of th reV6nÙe$ of the
Corporation for the current year and for all preceding years, as and when s ch revenues are
received.
3. The Treasurer is. her.elly authorized and directed to apply in pay ent of all sums
borrowed pursuant tó tñe' authòrity of this By-law, as well as all other sums bor wed in this year
and any previous years, from the said Bank-for any or all of the purposes men oned in the said
Section 341, together with interest thereon;'-all of the moneys hereafter collect d or received on
account or realized in respectof the taxes levied for the current year and prece ing years and all
of the moneys collected or received from any other source, which mayJawfully b apþlied for such
purpose.
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Passed this........::-.::::::::F.1.f.1<h:::::::-:.:-:........................day of.....J.am.¡ar.y.... .................19...62.
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-: ................ -:::. ......- - Clerk.
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. - -..-;~~. ': - - - í hereby certify thatthe fóregoing is a true copy of By-law No...J7.9..Q.... . of The Corpora- .
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tion of the ..............:r.9.m!......................of...........!Ç;!.,!'!-.çªr.g.i!l~......... in the Pro ¡nee of Ontario,
duly passed at a meeting-oftl1&Ceuncil of the said Corporation duly held, d that the said
By-law is In full force and effect.
Dated thls........................~.::-;:::::F.;\.,f.1¡.h::::::::-.::-........day of .......:Il.ªRMa.rY..... ..... ...........19.Ç¡.~...
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As witness the Seal of
the Corporation.
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EXTRACTS FROM ,THE MIjI'!ICIPAL ACT R.B.O. 1950.
--(1)--A-cÕuncil may by by-law Bither befórs or aftat1hèpãSÕing ~'bY-law for 1m .
currant YBar authorize the head and treasurer to borrow from time to time by way of promisso note such sums as
thB council may desm n.......ry to moat, until thB tax.. ara- coilaoted;ihe'ourrent Bxpandito S ofilia-corporation
for thB year, Including thB amounts required for sinking fund, prinoipal and Interest failing due Ithin thB year upon
any debt of thB corporation, school WrpoaBS, spacial rates. pUrpoaBS, and for any board, com isaion or body and
other purposes for which the corporation ì. required by i&w to provide.
(2) The amount which may 1>0 borrowed In. anY year for the PUrpooell mentIoned In s SBCtlon 1 shall not.
except with the approval of the Municipal Board, eXcoad seventy par centum of the total ""'0 nt of thB estimated
revenUB. of the corporatIon as oet forth in. the 8$timates adopted for the ~..r. ,
(3) Until such 8$timates are adopted, the liinltation upon boriowl/1g prescribed by.u oction 2, shall tem-
porarily be calculated upon the estimated revenue. of the corporation as oat forth in thB 8$ti es adopted for thB
nBxt pracadlng year. ' , , ,
(4) Forthe purposes of subsaClions2 and.3, estimated ravenues shell not include revenuB dBrivable orderivad
from thB sale of ....18. borrowings or. '-as ofdebantUfés or from a surplus including arrea", taxe. sndp,-.
from the sale of ....Is.
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