The URL can be used to link to this page

Home My WebLink AboutKIN 61 1766 Borrowing By-law \.. '.' ... ~~.... ./".:.... ....... Rev. July 11162. 0'" Municipal By-law for Current E¡,pendlturea. 14046 PrInted In CInIda. Municipality of._......."1 11 ..r...Ð1Ið.äR1"PIR... ............................. BY·LAW No.......................J.8................................... ............................. WHEREAS the Counc:iI of the Corporation deems it necessary to bo row the sum of ..........................~...r.a......DIoJI..Il. ...............~........................ ....dX....dollars to meet, until the taxes are collected, the current expenditures of the Corporati AND WHEREAS the total amount of the estimated revenues of the for the-yellr; r .: . _ ,.~. -'^,.' -..:.... .....- /...- _' I' r.pClration as ~t :.: forth in the estimates adopted for the year 19.61., not including revenues der vabíe o'::-Jlériveã: :: ~ , ~ ..... ~ - --....... -- from the sale of assets, borrowings or issuance of debentures or from a surplus, ncluding arrear. ..' ;::TEJ I=:: of taxes, is....................:-.~1...r:......~~...~~....~~~1....~..................... ....~........:.............:. __ for.... ~~ w..::,; .................................................~!!...,......::.~..::~~....~l.......................... ....~.~...dollara. . AND WHEREAS the totàl amount heretofore authorized to be borro ed this year for :'~E:..'''';'..¡: the purpoaes mentioned in subsection (1) of Section 341 of The Municipal Act i ............................ -(.)- th....y..,. .............................................JII).....................................dollara, of which the Corpor ion has already borrowed a total of...........I1I1..................................................................................... ................dOUars:.·-. .~-. ...,..... THEREFORE the Council of The Corporation of the............'-............ ............:¿.~:.......:.:,:-. ,.:.~:... - , of..........·......·.............qac~U\IIØ.........................hereby enactB as follows: ..... - - - - - - - 1. The Head and the Treasurer are hereby authorized on behalf of t e Corpofatjon to ' - - -- ......: " .' . borrow from time to time, by way of promissory note, from the Bank of M treal, a sUin- or sums not exceeding in the aggregate.............~1....~!!........................ .~~.......................... ....................................'...~...~..........~.~.~.~~ to meet, until the taxes e collected, the current expenditures of the Corporation for the year, Including the amounts required for the purpoaes mentioned in subsection (1) of the said SectIon 341, and to give, on half of the Cor- poratlon, to the Bank a promissory note or notes, sealed with the corporate s I 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. R· ,:,."'....-.."'- ~ è".... '. . ,... .....'.......... .......^' ~ /..- ...._;:0.... ./' :- - _ ~TE , - -- -: ..- "'- /'- " -'1410' =r- 141,1UI.O. CII'ront - UnO! -"' _'''' T......,. ,...=., 01"-'" - - .....l1li....... r........ ~....~~. _~ ..' -J 2. All sums borrowed from the said Bank, for any or all of the purpose mentioned in the said Section 341, shall, with interest thereon, be a charge upon the whole of t revenues of the Corporation for the current year and for all preceding years, as and when s ch 'revenues are received. 1 3. The Treasurer is hereby authorized and directed to apply in pay ent of all sums borrowed purauant to the authority oHhis By.law,as well as all òther sums bor owed in this year and any previous years, from the said Bank for any or all of the purposes men ioned in the said Section 341, together with interest thereon, all of the moneys he.reafter collec d or received OIl account or realized in respect of the taxes levied for the current year and prece iog years and all of the moneys collected or received from any other source, whièh may lawfully e applied for such purpose. ~. I - . . . Passed this...................~..,...........~.~............r~.day of..... ! 17... ..................19..61 ~. - ~ .... '" -",- ......'~'-.. - "'- ......... '- ;::. .- .... '- :- A - '- ~ - - ...~...........-.............. ....) :...... - -~ /' , " r, ' . J -hereby certify that the fOregoing is a true copy of By-law No.... .. of The Corpora- tion of the ...........~.........................of.......... "'-Ta.i_ ........ in the Pr duly passed at a meeting of the. Councii of the. said Corporation duly held, By-law is in full force and effect. i nce of Ontario, nd that the said Dated thi8...............1H~ ......................................day of............ . ...............19..... As witness the Seal of the Corporation. L? ..nn...A.~.~.. ........... ..............;...... ..... ..... -C. -j .--.,.,.... .,:-- , " r___ EXTRACTS FROM THE MUNICIPAL ACT R.B.O. 1950. (1) A council may by by-law either before or after the passing of the by-law for im . ing the rates for the current year authoñze the head and trøasu",r to borrow from time to time by way of promi ry note such sums as the council may deem n_ry to meet, until the taxes are 'COllected, the curren! expenditu s of the ""rporation for the year, including the amounta required for sinking fund, principal and Interest falling du within the year upon any debt of the corporation, school purposee, spaøjal rates purposes, and for any board, co mission or body and other purposee for which the corporatiOn Is required by law to provide. (2) The amount which mayb~bon'øwed In any year for the PUrp0888 mentioned In bsectlon 1 shall not, excopt with the approval of tho MLÌn1clpà! Board, exceed seventy per centum óf the total am unt of the estimated revenues of the corporation as set forth ip theestimateø adopted for the year. (3) Until such estimates are adopted, thellmltatÎon upon borrowing preòcribed by su section 2, shall tem. porarily be calculated upon the estimated revenues of the corporation as .set forth in the esti tes adopted for the next preceding year. (4) For the purposes of subsections 2 and 3,!'8Iimated revenues shall not Include revenu deñvable orderlved from the sale of assets, borrowings orl8lues of d8bontureliorfrom a surplus including arrears taxes and prOCeeds from the 8ale of _ .