HomeMy WebLinkAboutBRU 68 957 Borrowing By-law
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*Refer to
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ONTARIO
MUNICIPAL CORPORATIONS - BORROWIN
WHEREAS the Council of the Corporation of the 'l'owneh1
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Form 348 (6.65)
BY-LAW, ,. ¿- 7
of BruCIe
(herein called "the Corporation") deems it necessary to borrow the sum f $ 120,000. to meet,
until the taxes are collected, the current"expenditures of the Corporatio for the year;
· AND WHEREAS the total amount of the estimated revenues of he Corporation as set forth in
the estimates adopted for the year 1961, not including revenues deriva Ie or derived 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, is $ )24 000. ;
AND WHEREAS the tota' amount heretofore authorized to be orrowed this year for the pur-
poses mentioned in Section 329 of the Municipal Act is $ n 11 , of which the Corporation
has alre"dy borrowed a total of $ nil :
" THEREFORE THE COUNCIL OF THE CORPORATION ereby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the C rporation to borrow from time
to time during the year in accordance with the provisions of the said See ion 329 by way of promissory
note from ROY81 Bank, PeløleT (herein called "the Bank ') a sum or sums not exceeding
in the aggregate hereunder
Dollars ($120 t 000 ¡ to meet, until the t xes are collected, the current
expenditures of the Corporation for the year, including the amounts r quired for the purposes men-
tioned in the said Section 329, and to give on behalf of the Corporation 0 the Bank a promissory note
or notes sealed with the corporate seal and signed by the Head and Treasu er for the moneys so borrowed
with interest (which may be paid in advance or otherwise) at a rate not ex eeding per centum per annum.
2. All or any 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 Bank for any or al of the purposes mentioned in
the said Section 329 shall, with interest thereon, be a charge upon the wh Ie or any part or parts of the
revenues of the Corporation for the current year and for all preceding ye s, as and when such revenues
are received.
3. The Treasurer is hereby authorized and directed to apply in paym t of all or any sums borrowed
as aforesaid, together with interest thereon, all or any of the mone'ys reafter collected or received,
either on account of or realized in respect of the taxes levied for the cur ent year and preceding years
or from any other source, which may lawfully be applied for such purpo e.
4. The Treasurer is hereby authorized and directed to furnish the Ban at the time of each borrowing
with a statement showing as at that date the nature and amount of the esti ated revenues for the current
year where the estimated revenues have been adopted for the current ye ,or of .the estimated revenues
for the previous year where the estimated revenues have not been ado ted for the current year; the
nature and amount of the uncollected balance of the estimated revenues; the aggregate of borrowings
made in the year under the provisions of the said Section 329; and the to al of any borrowings made in
the year under the said Section 329 which have not been repaid.
5. The Bank shall be entitled to rely as to the authority of any borro 'ng on a copy of this By-law
certified by the Clerk and on the statements furnished to the Bank from ime to time by the Treasurer
pursuant to paragraph 4 of this By-law.
6. This By-law shall remain in full force and be binding on the Cor oration as against the Bank,
until a copy, certified hy the Clerk under the corporate seal, of a By-I w repealing or replacing this
By-law, shall have been received by the Bank and duly acknowledged b it in writing.
PASSED this 7th day of PebruerT 1968.
(Corporate Seal)
The ead of the Corporation
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CJerk
We hereby certify that the foregoing is a true copy of a By-law of the above-mentioned Corpo-
ration, duly passed at a meeting of the Council of the said Corporation duly held, and that the said
By-law is in full force and effect.
Given under our hands and seal of the Corporation this 7th
day of Peb1"\Ull'7 19 61 '1L
_____ __ '../ The
(torpor~e. ,Seal)
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