HomeMy WebLinkAboutKIN 57 1650 Borrowing By-law
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LF. II Rev. July 1952.
Onto
Municipal By-law for Current
Expenditures.
_ _In Canada.
Municipality of.......:+.!?~..!?f....~º!!-.~.~~~....... ..............................
BY-LAW No................±~.?~......................................... ............................,.
WHEREAS the Council of the Corporation deems it necesssry to b row the sum of
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to meet, until the taxes are collected, the current expenditures of the Corporati n for the )'8ar;
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AND WHEREAS the total amount of the estimated revenues of the rporatiòn as set
forth In the estimates adopted for the year 195.6..., not including revenues de vable or derived
from the ssle of ass~~lrrowings or Issuance of debentures or from a surplus, including arrears
=:TEJ I'::.~ of taxes, is·...._.Qr.¡8....Hund.r.eg.,...and.....f.Q.rt.¥....Thau5.aM.,......!~..... .1!-nQ.~.!!:............
rÞ811U81 for the
:r.r~ W",:,; ......................................~~~...!j:.*~!?y.....ê.~y.~!'?:::-.::-:::::::::::-.::-.::-::::::::-.::-.::::::::::::::::-.::.:: ..,.!t.7........dollars.
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AND WHEREAS the total amount heretofore authorized. to be borro ed this year for
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~:..I"';'...~ the purposes mentioned in subsection (1) of Section 341 of The Municipal Act ............................
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.........................................................!..... ........................dollars, of which the Corpor tion has already
Nil
borrowed a total of......................................................................................................... ................doUars..
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THEREFORE the Council of The Corporation of the....~º.1'm.....................I..........:.::.....::....:... ~ -
of..................................~.:!.~.Ç,ª.¡;Y.Jº~.......................hereby enacts as follows: I::' .
1. The Head and the Treasurer are hereby authorized on behalf of t1e Cor~rat!on to
borrow from time to time, by way of promissory note, from the Bank of Mttreal, a sum or
. sums not exceeding in the aggr89ate............................................................................I.............................
--..¡¡:~:f.!?y....f.:!.;~.!!...1.Þ.º~!Hmg::-.::-.::-::::::.,.;g;.dollars to meet, until the taxes e collected, the
current expenditures of the Corporation for the year, including the amounts required for the
purposes mentioned in subsection (1) of the ssid Section 341, and to give, on half of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate s I and signed by
them for the moneys 80 borrowed with interest at a rate not exceeding...5.i... .........per centum
per annum, which may be paid in advance or otherwise.
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Sect. 341 of
="" 243, R.9.0.
Current
borrowl.",.
Limit upon
borrowings
T__
....1oatI..
of -estimates
"...-ng
year
IË>nIlusicMI
from eatimated
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2. AII'sums borr~wed fr~m the said Bank, for any or all of t~e p~rp:ses I entio~ed in ~e
ssld Section 341, shall, with interest thereon, be a charge upon the whole of thrrevenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
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3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed pursuant tolhe authority:.ot ttiJS:8y-law...as well as all other sums borrowed in this year
and any previous years, from the ssid Bank for any or all of the purposes mentioned in the ssid
Section 341, together with interest thereWi;, aU: of the moneys hereafter collected or received on
account or realized in respect of the taxes levied for the current year and prece ing years and all
of the moneys collected or received from any other source, which may lawfully b applied for such
pu rpose.
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Passed this.................F.o.ur.th..................................day oL.......<lª!'?:~ª... . .................19........
IIORPORATE
SEAl.
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~ Head . Co'1!!!V";..)
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~, . /CIerk.,
I hereby certify that the foregoing is a true copy of By-law No..16.5.ø......~. of The Corpora-
tion ..oftìie......:......'j,'.º~.....~...:.............of.........~n~SJ..rn.;l..n~:..;..... in the PrõŸ¡ôce of Ontario,
duly passed;'~t.a..mee.ting-ÐfJba..CQuncil.Qf !hlt~ajd Corportltion.:.-duly held, and that the said
By-law is in full force and effect. .
Dated this...........F.9.U.r.th........................................day of.........J.an~;r.y...l................19..5.7.. .
As witness the Seal of
the Corporation.
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.. CORPORATE
JI£AL
EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
(1) A council may by by-law either before or after the passing of the by-law for im ¡ng the rates for the
current year authorize the head and treasurer to borrow from time to time by way of promisee note such sums as
the council may deem necessary to meet, until the taxes are ool!eO~JWu>urrent expenditu It.¡: .the oorI1"""5101\...~_
for the year, including the amountstequired for sinking fund, principal and interest falling due within the year upon
any debt of the corporation, school purposes, special rates purposes, and for any board, co ission or body and
other purposes for which the corporatlollls required by law to provide.
(2) The amount which may be borrowed in any year for the purposes mentioned In s bseotion 1 shall not,
except with the approval of the Munlèlpal Board, exceed seventy per centum of the total am unt of the estimated
revenues of the corporation as set forthi" the estimates adopted for the year.
(3) Until such estimates are adopted, the limitation upon borrowing prescribed by su
porarily be calculated upon the estimated revenues of the corporation as set forth In the esti
next preceding year. .' ~
(4) For the purposes ofsubseotions 2 and 3, estimated revenues shall not include revenu derivable Or derived
from the sale of assets, borrowings or issues of debentures or from a surpluslnoludlng arrears taxes and proceeds
from the sale of assets.
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