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HomeMy WebLinkAboutKIN 60 1725 Borrowing By-law 1..1'.11 Rev. July 191i2. ChIt. Municipal By-law for Curnnt E¡cpandlturea. 140016 PrtftIed In 0INd&. ... To~;n of KINCARD I M unlClpahty of~.................................................. .................. ....... ........ ......... 1725 BY-LAW No........................................................ .......................................... WHEREAS the Council of the Corporation deems it necessa to borrow the sum of .."'".."...".."F.i.f.ty....F.i:v:a...T.h.ouaa.nd...and...DO"..".."..",:","'".."..",:::::-."'".. .",::-:::-:".."..",..xx...dollars to meet, until the taxes are collected. the current expenditures of the Co ration for the, year;-- . / / '1ANO WHER~S the total amount of the estimated revenues 0 the Corpo@'Ìio~ as šE1 - .. - - . forth in the estimates adopted for the year 192.9..... not including reven es derivabTè or ]eiiveii: - -'. "" --', - from the sale of assets, borrowings or issuance of debentures or from a s rplus, Incl~fRg.ar.rQa~. .' . ::ITE,,} ''::.::ï of taxes. Is·...:::::::7.9.!}.E?...!:!!m.(:tr.~g....ª.~g...ª;!,.~.~y....:n)..r.E?.~...:n1:º.1·Hi. n9-..,.................................. rt'WII'IU8II for the . ....... r::: " ad- . U.4 . ~ , OJ' nn :r=:.:....~ - ...:.........................................N.Q...Mw.J.,..~.ª....ªM....~;!..1r.~:::::::::::::7.::.:::::::-.::-. .::::::::...A.*... .",~lIars. AND WHEREAS the total amount heretofore authorized to be borrowed this year for ~'~.J':::; the purposes mentioned in subsection (1) of Section 341 of The Municip I Act is............................ ) _ J t _. . Nil . ..........................................................................................dollare, of which the rporation has already borrowed a total of....Þ.I.~J................................................................................. ............................dollar!. . . THEREFORE the Council of The Corporation of the...................:... .Qm1:....................,::::........ ;¿ '-'... : of................~.~~9.A~.P.Jw.¡:.........................................hereby enacts as foil s: - - 1. The Head and the Treasurer are hereby authorized on beh If of the Corpor¡(tion to - . - , -- borrow from time to time. by way of promissory note, from the Bank of Montreal, a sum or sums not exceeding in the aggregate................................................................ ......................................... .-FiftY.:..f.!!~....'!'.b9.),I.§.ª.~...ª.~..J!º:':'.::.~,jQÇ...dollare to meet, until the current expenditures of the Corporation for the year, including the a xss are collected, the purpcsss mentioned in subsection (1) of the said Section 341. and to gi ,on behalf of the Cor- ounts required for the poration, to the Bank a promissory note or notes, sealed with the cor ate seal and signed by them for the moneys so borrowed with intersst at a rate not exceeding ......5.i%.......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 mentiqned In the said Section 341, shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation for the current year and for all preceding years, as and when such revenues are . ad I recelV . i i 3. The Treasurer is hereby authorized and directed to apply in payment of all sums borrowed pursuant to the authorityofthis'By-law, as well as all other sums borrowed in this year and any previous years, from the said ~ank for any or all of the purposes mentioned In the said Section 341, together with interest ther1l0n, 'illI of the moneys hereafter collected or r~eived on account or realized in respect of the taxes levied for the current year and preceding ye rs and all of the moneys collected or receivedfrom'any other source, which may lawfully be appli d for such purpcse. ---.......---"- ---,-' ....... -.-- _ _ _ _ _Passed this......................:f.!?~r-!¡!!~...........................:day of....J:ªJ!Yâl"Y.................. ......19ftQ. ~-;~,~'--:;;::~- --~- :-,..... ~ ooíÍ-øRATE -. ."- 8I!AL .::-"'- ~ , - ·..·E. Young - - _" _ .... ...u.~.. -- /' .; "- -- ./'.- /- AO "'::- _.- ..~; -'", .~~. ~'I nt¡reby certify that the foregoing is a true copy of By-law No.......!7.~J.. ofT tion of the ............!.~~:........................of.......................!q~Q!!-.@.!~ the Provi~CB f Ontario, duly passed at 41 meeting of the- Gouncil of. the said Corporation duly held, and th t the said By-law Is In full force and effect. Dated this................r..~~.~.~;:..................................day of........~.~~~.r:1............... .....19.9.9... - - . ~ .~-:........' ......... ::^- ~ - - ' :- -. /' -:. '- Soot.'.'" :="'" 143, R.8.o. c.m.. ............ ~: T",-"", ~ "'_tna - Exclusion from_ r_ AI. witn8S8 the Seal of the Corporation. . "/" . //"' / - - ~TE SEAL , , ~', \. ~ EXTRACTS FROM THE MUNICIPAL ACT" R.S.O. 1980. (1) A council may by by-law either before or after the passing of the by-law for Imp03ing the rates for the current year authorize the head and treasurer to borrow from time to time by way of promissory note uch sums as the council may deem necessary to meet, iø>!IHhe taxes are collsotett, ihe current expenditures of cc¡Yporation for the year, Including the amounts required for sinking fund, principat and Interest falling due within he year upon any debt of the corporation, school pu_,,,,,,,,,iaI rates purposes. and for any board, commission or body and other purposes for which the corporation Is rett\ril8d by law to provide. (2) The amount which may be bor~ ,\II ,anY year for the purposes m*"tioned io subsecti 1 shall n¢, except with the approval of the Municipal 1IiWd, exeØed sevenly per centum of the total amount of he estimat8d revenues of the corporation as set forth In the ~ates edopted for the year. (3) Until such estimates are adoptecl, tti. lirnltati"'; upon borrowing prescribed by subsection 2, shall tem- porarily be calculate<t<Jpon the estimated revenues of the corporation as set forth In the estimates a opted for the next preceding year. ' (4) Forthe purposes ofsubsectlons 2 and 3. estimated revenues shall nollnclude revenues derlv Ie or derived from the sale of assets, borrowings or ¡ssues of debenturea or from a surplus Including arrears of taxes and proceeds from the aale of asaete. .