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Home My WebLink AboutKIN 59 1697 Borrowing By-law L.... II Rev. 5ept. 1946. Oat. MunicIpal By-law fòr Current Expenditures. 1 Ui69 Printed in Canada. Municipality of.......T.oJrœ.....O!... ncª.:rn.lne.................... BY-LAW No........ ........... ...16.9.7..... .........................................._. A BY-LAW to authorize the borrowing of $............................. ........................,......,...,........ WHEREAS the Council of the Corporation deems it necessa y to borrow the sum of ----Fifty: F.i""'" "'''Q'.....nd-------------- ----.xx d Ila ................................. . .... ...".........4 ....w".,............................................. ................................ 0 rs to meet, until the taxes are collected, the current expenditures of the rporation for the year; AND WHEREAS the total amount of the estimated revenues f the .Corporation as set forth in the estimates adopted for the year 19..5..$., not including reve ues derivable or derived from the sale of assets, borrowings or issues of debentures or from a urplus including arrears :::.T';.i I~~ of taxes, and proceeds from the sale of assets·:~:~:::Q:!1..~...ijW)..4.~!! ..ª.œ,...F.º.r:!iy....J?~.g,h~ re\ftnU81 for the SS'~ ~~ . ...Tho.U.6and..,....N.o...HWJ..Q,.~d....a.tI,ª...ß.iX1;.~~P,:':".:':".:':":':"::: :::.:::.:::.:-::::::: ..:::.:::.9.;¡,J,............,.dollars. AND WHEREAS the total amount heretofore authorized to borrowed this year for ~~I . :'~TE:orl~ the purposes mentioned in subsection (1) of Section ~of The Munici al Act is............................ _w(a) ...... . ~~ B·¡ . ................................................. ... ................................dollars, of which th Cprporation has already borrowed a total of...............Nil................................................................... ..........:...................dollars. THEREFORE the Council of the Corporation of the..............'r.9.... .....:..............................,...... of..................KIN.CARD.INE.....................,................hereby enacts as folio s:' 1. The Head and the Treasurer are hereby authorized on beh If Qf the Corporation to borrow from time to time, by way of promissory note, from the Ban 01 t10ntreal, a Slm or sums.not exceeding in the aggregate............................................................... ..............................,........... .....",..""'Fif.ty....Ei.v..e...Tho:u.sand"..,,.xxdollars to meet, until the axes are collected, the current expenditures of the Corporation lor the year, including the a OI!nts required for the ~otl purposes mentioned in subsection (1) 01 the said Section aee, and to gi e, on behalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the cor rate seal 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. Soct. ... or Chapter 2661, A.B.O. '931. Cumm ............ ~ T-.rY --, or·.......... oflt'eOlÔlng - . ÜOIusÎOn from estimated ,.,...... 2. All sums borrowed from the said Bank, for any or all of the pur es mentioned in the said Section 339, shall, with interest thereon, be a charge upon the whol of the revenues of the Corporation for the current year and for all preceding years, as and w en slch revenues are received. 3. The Treasurer is hereby authorized and directed to apply i payment of all sums borrowed pursuant to the authority of this By-law, as well as all other sum borrowed in this year and an~Qr¡¡vious years, from 'the said Bank for any or all of the purposes mentioned in the said Section7aê, together with interest thereon, all of the moneys hereafter lIected or received on accolnt or realized in respect of the taxes levied for the current year and receding years and all of the moneys collected or received from any other source, which may lawf lIy be applied for such plrpose. Passed this........ß.~ç.(m4.........................................day of.......3.éi~ .....J:1..................1rÞ........9............ 8 .........~:.......................... £/-- . '-~ ".... ........".~ ............ / .................... CIeo-k. I hereby certify that the foregoing is a true copy of By-law No....J..Ç? .1....... of the Corpora- tion of...Town...o£...KINCARDINE.......................in the Province of On meeting of the Colncil of the said Corporation duly held, and that the force and effect. rio, duly passed at a id By-law is in full As witness the Seal of the Corporation. ·······ëi~·k:·· Dated this.........Sec.o.nd..........................................day of.......~.Ç!)]µç¡,.. .....,.................19...5.9. .J-¡ / ·~;:~e EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937. (1) A oounoil may by by-law either before or after the passing of the by-law fori JQ8ingthe rates for the current year authorize the head and treasurer to borrow from time to time by way of pro ;oory.note such sums as the council may deem necessary to meet, until the taxes are collected. the current expèn' ftures of the corporation for the year, including the amounts required for .inking fund. principal and interest faning du~ within the year upon any debt of the corporation, school pUrp08ea, special rates purp0888, and for any board, cQrpmiaswn or body and other purposes fer which the corporation is required by law to provide. . (2) The amount which may be borrowed in any year for the purposes mentioned n subsection 1 shall not, e.cept with the approval of the Municipal Board, e><CØød seventy per centum of the total amount of the estimated revenues of the corporation as set forth in the estimates adopted for the year. (3) Until euch estimates are adopted, the limitation upon borrowing prescribed b subsection 2, shall tem- porarily be calculated upon the estimated revenues of the corporation as set forth in the "mates adopted for the next preceding year. (4) For the purposes of subsecl:ions 2 and 3estimate<J revenue8shall not include reve l..Ies,deril/ableorderived from the sale of assets, borrowings or issues of debentures or from a surp~us including ar rs of taxeS and proceeds from the sale of ...ets.