HomeMy WebLinkAboutKIN 58 1673 Borrowing By-law
I.F. II Rev. July 1952.
Old.
Munlolpal By-law for Current
Expenditures.
83028 PrIråd In CMada.
Municipality of.......~~~...~f....~.*~ç.~.!!:I?.*~~....... ..............................
BY-LAW No.............!§.7.?............................................ ..............................
WHEREAS the Council of the Corporation deems it nBGessary to b rrow the sum _of,
..................:::::-.::-.f..g.~y....r..t!.~...:n?-.~.~.i?ª~g..::::::::::::-.:.::::::::::-.:.:.::::::::::-.::-.:.::.::. ::-.::-.~.2QÇ...:dollan( / .
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to meet, until the taxes are oollected, the current expenditures of the Corporati n for thl! year;
A!'JÐ WHE~EAS the to~ amount of the estimated revenues of the orporation as set
forth in the estÌl'l'/àtes àdopted for the year 19..2.1., not including revenues de ivable or derived
. .
. from the sale of ~?ts!. borrowings or issuance of debentures or from a surplus including arrears
~TE.,¡ '='..:I:.i of taxes, is·.........................:.::::::::::-.::'.Qg~...Hµ.D.g.~g.....ªnº'...F.º.r.ty....QQ~..... hQ.y.!ì.¡m!;\.,.........
revenuea for the -
~'f:i:'.I~ ...............................................9n~...!:I.~nQ.~.g.....ªnº....§.~.y.~D.!f.y....T.~9.::-.::-:::::::::.. ::-.:':.~3.º...dollars.
\' AND WHEREAS the total amount heretofore authorized to be borro ed this year for
:'~TE:..'''''''.....= the purposes mentioned in subsBGtion (1) of SBGtion 341 of The Municipal Act s............................
_w(o) ...-
"'0 year. Nil
..........................................................................................dollars, of which the Corpo ation has already
borrowed a total of.................R1.1............................................................................... .................doIlars. //
THEREFORE the Council of The Corporation of the.......T9.WXI................. ................~:.......:....
of.....................................ß;;J;.t!.CARP..DŒ...................hereby enacts as follows:
.
1. The Head and the Treasurer are hereby authorized on behalf of t e Corporation to
borrow from time to time, by way of promissory note, from the Bank of M ntreal, a sum or
sums not exceeding in the aggregate........................................................................... ..............................
--Fify.y....f.Jy.~....:r.þ.mJ.§ªM.:'::::::::::::'.::':::.:':...xx.dollara to meet, until the taxes re collected, the
current expenditures of the Corporation for the year, including the amounts required for the
purposes mentioned in subsection (1) of the said Section 341, and tG give, on ehalf of the Cor-
poration, to the Bank a promissory note or nGtes, sealed with the corporate s al 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.
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2. All sums borrGwed 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~'~evenues of the
Corporation for the current year and for all preceding years, as and when sUch revenues are
. d '
reoolw. I
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3. The Treasurer is hereby authorized and directed to apply in pay~ent of all sums
borrowed pursuant to the authority of this By-law, as well as all other sums borrowed 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':¡¡1I of the moneys hereafter collect d or received on
aooount or realized in respect of the taxes levied for the current year and prece ng years and all
of the moneys collected or received from any other source, which may lawfully b applied for such
. . purpGSe. :
.,' '/ '. 'Thizù'" ..... Janua. ..... 58
~ eassed thls....................................................................day of........................~.................19........
. CORPORATE
SEAL
Young-Mayor
I hereby certify that the foregoing is a true oopy of By-Jaw No.......l67.3..;. of The Corpora-
.
_. _. . I
tion bf the ...........!awn.........·.................of........Kin.c:ar.dine............. in the Pro~ince of Ontario,
duly pass~d atLm_e.!!ti~ of the Council of the said Corporation duly held, ard that the said
By-law is in 'full force and effBGL :
i
Dated this...................Third....................................day Of........J.anua~.···i..·..........··.19.5.".
As witness the Seal of
. , tb!' Corporation.
~""t....,.'_......._-
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- CORPORATE
SEAL
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Sect. 341 of
=-.... R.8.0.
c..rr...
borrowi...
Urn"u....
borrowings
Temporary
..._on
of ellimate8
of preoedlna
-
Exoluslon
from eetlmaIed
..-
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 impo ng the rat... for the
current year authorize the head and treasurer to borrow from time to time by way of promisso note such sums as
tho council may de om nocessary to moot, until tho tax... aro collocto.!!Ltl1'" c.!lt.reJlt oxponditu s of thocorporati~n
for the year, including the amounts required for sinking fund, principal and interest falling due ¡thin the year upon
any debt of the corporation, achool purposes, special rates purposes, and for any board, comtission or body and
othor purposes for which tho corporation is requirod by law to provido. ,
(2) Tho amount which may be borrowed in any yoar for tho purposos mentioned in s~section 1 shall not,
except with the approval of the Municipal Board, exceed . seventy per centum of the total amo~nt of the estimated
revenues of the corporation as set forth In the estimates adopted for the year. '
(3) Until su<>h estimates are adopted, tho limitation upon borrowing prescribed by suJ..ction 2, shall tem-
porarily be calculated upon tho estimated revenu... of the corporation as set forth In tho estiniates adopted for the
next preceding year.
(4) For the purposes of subseçtions2 and 3, estimated revenues shall not include revenues derivable orderived
from the sale of assets, borrowings or issues of debentures or from a surplus Including arrears of taxes and proceeds
from the sale of assets. '