HomeMy WebLinkAboutBRU 67 943 Borrowing By-law
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Form. 348 (11....3)
ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY·LAW
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WHEREAs the Couicil of the Corporation of the ~... '" s """ P of
, C-¡¡' t , (herein called "the Corporation") dee it necessary to borrow the
sum of $ 1% d, .0."!oS to meet, until the taxes are collected, the ,current expenditures of the
Corporation for the year; ,
·AND WHEREAS the total amount of the estimated revenues of the Corporation' as set forth
in the estimates adopted for the year 19 ,not including revenues deri ble or derived from the sale
of assets, borrowings or issues of debentures or from a surplus including ears of taxes and proceeds
from the sale of assets.la $ I. LlJ .. tJ . _, _;
AND WHEREAS the total amount heretofore authorized to be bo
poses mentioned in subsection (1) of Section 341 of the Municipal Act is
the Corporation has already' borrowed a total of $ h .:-t. :
owed 1:bis yw for the'pur-
~. ,of which
THEREFORE THE COUNCIL OF THE CORPORATION he
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to borrow from
time to time by way of promissory note from THE ROYAL BANK F CANADA (herein called
"th, .e Bank") a sum QT, ~ .~i~ in the aggregate hereu!,der .
p_ K... .t. .I. ,*" n -r ~ - Dollars ($ '~ð,.. .. ) to meet, until the taxes
are collected, the current expenditures of the Corporation for the year, i lOOmg the amounts required
for the purposes mentioned in subsection (1) of the said Section 341, nd to give on behalf of the
Corporation to the Bank a promissory note or notes sealed with the rporate seal and signed by
the Head and Treasurer for the moneys so borrowed with interest (w ìch may be paid in advance
f1I otherwise) at a rate not exceeding .r. ?,4- centuni per annum.
2. All or any sums borrowed pursuant to the authority of this By- aw as well as all other sums
. .. " ,m~t,¡¡¡lIed
in the said Section 3 1 shall, WIth interest thereon, be a charge upon the woe or any part or parts of
the revenues of the Corporation for the current year and for all pre ¡ng years, as and when such
revenues are received.
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~ED this ,.I......
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3. The Treasurer .is hereby authorized and directed to apply in pa
rowed as aforesaid, together with interest thereon, all or any of the
received, either on account ofar' realized in respect of the taxes levi
preceding years or from any other source, which may lawfully be appli
ent of all or any sums bar·
oneys hereafter collected or
for the current year and
for such purpose.
day of
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on
(to~ate Seal) ,
, W~ hereby. certify that the foregoin{;is,J\.trW' copy. n( a
..~atlon, duty' I'~~Y ..l.. .~~Rgoftlle õuPcU ot"díê'SBld C
saiá8ý.law is in full force and effect.
w Qf-1.tfe" above meritionea--·-
. duly held, and that the
Given under our hands and seal of the Corporation this I H
day~.e· , ¡ 19¿?
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