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HomeMy WebLinkAboutBRU 65 890 Borrowing By-law -- D , , ~ ¡ j " h · _.i ~ >'--,,~-- î, j 1 . i .i 1 I f ¡ I _to tIIe_- atea for the ....... :reorH -fl,- ; .... to _01 ....-. c:: Ð 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. , í I , I I , I 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. ~ 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. -.-~ ~ "....~. ~ '. :. ~PA$ŠED this 2nd day of January / 1965 d»- ).., -r ~ - - ,.-- -J_ r~' - The Head of tbe Corporation ." (Corporate Seal) "'k 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 .-:'-~~ (. .~~. ~ f(ëorpÒrãte~Seal)' - ---'. - ~.,"';;'- -- -..; -. ~ --=-' Cler ~.~ - -.