HomeMy WebLinkAboutBRU 65 908 A Borrowing By-law
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ONTARIO
5JNICIPAL CORPOBATIONS-BOBROWING BY-LAW lfO. ()908 A
WHEREAS the, Council of the Corporation of the TOWNSHIP f BRUCE
(herein oalled the Corporation) deems it necessary to borrow the
sum of ~25.000.00, to meet, until taxes are collected, the urrent
expenditures of the Corporation for the year.
the Corpor-
, not includ-
ings or issues
d proceeds
.
AND WHEREAS the total amount of the estimated revenues 0
ation as set forth in the estimates adopted for the year 196
revenues derivable or derived from the sale of assets, borro
of debentures or from a surplus including arrears of taxes a
from the sale of ass.t. 1s .200,000.00. ,
AND WHEREAS the total amount heretofore authorized to be
this year for the purposes mentioned in subsection (1) of Se
of the MUnio1pal 1s .75,000.00, of which the Corporation has
borrowed .72,000.00.
THEREFORE TEE COUNCIL OF THE CORPORATION hereby enacts as follows:
orrowed
tion 341
already
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1. The Head and the Treasurer are hereby authorized on heha
Corporation to borrow from time to time by way of promissory
THE ROYAL BANK OF CANADA (herein called the Bank) a sum or s
exceeding in th~ aggregate hereunder (125,000.00)
",' One-Hundred and Twenty-five Thousand............... .Dolla, to meet
':.. until the taxes are collected, the current expenditures of t e Corpor-
'ation for the year, including the amounts required fothe pur ses ment-
ioned in subseotion (1) of the said section 341, and to give n behalf
of the Corporation to the Bank a promissory note or notes sea ed with
the Corporate Seal and signed by the Head and Treasurer for t e moneys
so borrowed with interest (which may be paid in advance) or 0 herwise
at a rate not, exceeding.. .. . .. .. .... . . . .. .. .per centum per a urn.
of the
ote from
not
2. Allor any sums borrowed pursuant _0 the authority of thi
as well as all other sums borrowed in this year and any previ
from the Bank for any or all of the purposes mentioned in the
Section 341 shall, with interest thereon, be a charge upon th
or any part or parts of the revenues of the Corporation for t
year and for all preceding years, as and when such revenues a
3. The Treasurer is hereby authorized and directed to apply
of a110r any sums borrowed as aforesaid, together with intere
all or any of the moneys hereafter collected or received, eit
account of or realized in respect of all th~ taxes levied for
year and preceding years or from any other ~ouroe, which may
be applied for suoh purpose. )
«
PASSED this..A.r........ .day of EJctober
By-law N
us years
said
whole
e current
e received.
n payment
t thereon
er on
the ourrent
awfully
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We hereby certify that the foregoing is a true copy 0
of the above mentioned Corporation, duly passed at a meeting
Council of the said Corporation duly held, and that the said
full force and effect.
a by-law
f the
y-law is in
.'" ...... G1ven under our hands
yday of Ootober.... .1965.
and the seal of the Corporation thi
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