HomeMy WebLinkAboutBRU 65 890 Borrowing By-law
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Form. 318 (11..sJ)
ONTARIO
MUNICIPAL CORPORATIONS - BORROW!
I 890
WHEREAS the Council of the Corporation of the Towns
Bruce (herein called "the Corporation")
sum of $ 7,.000. to meet, until the taxes are collected,
Corporation for the year;
"AND WHEREAS the total amou~t of the estimated revenue of the Corporation as set forth
in the estimates adopted for the year 199.6not including revenues drivable or derived from the sale
of assets, borrowings or issues of debentures or from a surplus includ ng arrears of taxes and proceeds
from the sale of assets is $200 .000. ;
lp of
eems it necessary to borrow the
e current expenditures of the
AND WHEREAS the total amount heretofore authorized to be borrowed this year for the pur-
poees mentioned in subsection (1) of Section 341 of the Municipal Ac is $ XX , of which
the Corporation has already borrowed a total of $ XX :
THEREFORE THE COUNCIL OF THE CORPORATION ereby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of e Corporation to borrow from
time to time by way of promissory note from THE ROYAL BAN OF CANADA (herein called
"the Bank") a sum or sums not exceeding in· the aggregate hereund
Dollars ($ 75 000.) to meet, until the taxes
are collected, the current expenditures of the Corporation for the year including the amounts required
for the purposes mentioned in subsection (1) of the said Section 34 , and to give on behalf of the
Corporation to the Bank a promissory note or notes sealed with th Corporate seal and signed by
the Head and Treàsurer for the moneys so borrowed with interest (which may be paid in advance
or otherwise) at a rate not exceeding per centum per annum.
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2. AIl or any sums borrowed pursuant to the authority of this y-law as well as all other sums
borrowed in this year and any previous years from the Bank for any r all of the purposes mentioned
in the said Section 341 shall, with interest thereon, be a charge upon he whole or any part or parts of
the revenues of the Corporation for the current year and for all p eding years, as and when such
revenues are received.
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3. The Treasurer i. hereby authorized and directed to apply in yment of all or any sums bor-
rowed as aforesaid, together with interest thereon, all or any of e moneys hereafter collected or
reç!'Íved, either on account of or realized in respect of the taxes I vied for the current year and
_ '-l'~!!.\;~~years or from any other source, which may lawfully be ap ied for such purpose.
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:. ~PA$ŠED this 2nd
day of
January / 1965
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The Head of tbe Corporation
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(Corporate Seal)
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We hereby certify that the foregning is a true copy of a
Corporation, duly passed at a meeting of the Council of the said Co
said By-law is in full force and effect.
y-law of the above mentioned
ration duly held, and that the
Given under our hands and seal of the Corporation this
day~- -.ranua17 19 65
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f(ëorpÒrãte~Seal)'
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