HomeMy WebLinkAboutBRU 66 917 Borrowing By-law
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Form 3t8 (11.sJ)
ONTARIO
MUNICIPAL CORPORATIONS-BORROWING BY-LAW # '''7
WHE~S the Council of the Corporation of the of
(herein called "the Corporation' ee 1 ecessary to borrow the
sum of *.1'1 . to meet, until the tlq<es are collected, the current expenditures of the
Corporation r the year; ..
* AND WHEREAS the total amo¡y¡¡ of the estimated revenues 0 the Corporation as set forth
in the estimates adopted for the year 1 ~ " not including revenues deri able or derived from the sale
of assets, borrowings or issu!:ll_QÍ debentures or from a surplus including arrears of taxes and proceeds
from the sale of assets is $ ...,...... ; -
THEREFORE THE COUNCIL OF THE CORPORATION h
AND WHEREAS the total amount heretofore authorized to be b
poses mentioned in subsection (1) of Section 341 of the Municipal Act is
the Corporation has already borrowed a total of $ .11 :
wed this year for the pur-
.U ' of which
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
"¡~~1.:;tt or sums not exceeding in' the aggregate hereunder
.. flu :Jill R'IC Dollars ($ " to meet, until the taxes
are collec , the current expenditures of the Corporation for the year, 'n u 109 the amounts required
for the purposes mentioned in subsection (1) of the said Section 341, d to give on behalf of the
Corporation to the Bank a promissory note or notes sealed with the orporate seal and signed by
the Head and Treasurer for the moneys so borrowed with interest (w 'ch may be paid in ad.vance
or otherwise) at a rate not exceeding r centum per annum.
2. All or any sums borrowed pursuant to the authority of this By- aw as well as all other sums
borrowed in this year and any previous years from the Bank for any or II of the purposes mentioned
in the said Section 341 shall, WIth interest thereon, be a charge upon the whole or any part or parts of
the revenues of the Corporation for the current year and for all ing years, as and when such
revenues are received.
3. The Treasurer is hereby authorized and directed to apply in pa ent of all or any sums bor-
rowed as aforesaid, together with interest thereon, all or any of the oneys hereafter collected or
- received, either on account of or realized in respect of the taxes levi d for the current year and
precediøg years or from any other source, which may lawfully be appli for such purpose.
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:1~<P~ED this
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We hereby certify that the foregoing is a true copy of a by- aw of the above mentioned
Corporation, duly passed at a meeting of the Council of the said Corpor tion duly held, and that the
said By-law is in full force and effect.
Given under our hands and seal of the Corporation this lit
day of rl 11~ 1". _-
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(Cor¡)ór..tè Sea})'
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