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HomeMy WebLinkAboutBRU 65 908 A Borrowing By-law ~~(~,-" ~~ -·~.;:~T;:.;<¥'~ ~ 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 ~ I ,!fltP" 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 - -~- ~----- - --' 1"" ~.. ~ - :::,. .... /' -..Bail: /:?;? 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 .,( ... '.¿..f':.... ~ / ðr, --' o Beeve -./ ", ?7 , seal- " - ~ Cler -.,.- ....'-..,