HomeMy WebLinkAboutBRU 64 875 Borrowing By-law
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Form 3"8 (11.53)
ONTARIO
MUNICIPAL CORPORATIONS - BORRO
87"
WI:IEREAS the Council of .the Corporation of the ~ hip of
..... ' , {herein called "the Corporation" deems it necessary to borrow the
sum of ~ ,.,.,.00t:' to meet, until the taxes are collected the current expenditures of .~e '
Corporation for tbeyear;
, 'ANDW}{E~S the total amountef the estimated reven es of the Corporation as set forth
i"the estimates àdopted for the year 19 t40t ineluding revenues derivable or derived from the salt:
of assets, borrowjnp ,or issu.çs of deb<:nturœ or from a surplus inel ding arrears oLtaxes and proceeds
from the salt: of assets is $ ~'6tOOO. ; " ' ,
,
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AND WHEREAS the total amount h<:retofore authorized to e borrowed this year for the pur-
posœ mentioned in subsection (1) of Section 341 of the Municipal ct is $ Nil , of which
the Corporation has already borrowed a total of S Nil
THEREFORE THE COUNCIL OF THE CORPORATIO hereby enacts as follows:
1. The Head and Treasurer are hereby authorized on b<:half f the Corporation to borrow frORl.
time to time by way of promissory note from THE ROYAL B NK OF .CANADA (herein called '
"the Bank") a sum or sums not exceeding in the aggregate hereun er
s.......n.. Iftt_... Dollars ($ :s ,,0";:) to meet, until the taxes
are coneêt&!, thë current expeiiOífüres of the Corforation for the ye ,melut:r.ng the amounts required
for the purposes mentioned in subsection (1) 0 the said Section 41, and to give on behalf of the
Corporation to the Bank a promissory note or notes sealed with he Corporate seal and signed by
the Head and Treasurer for the moneys so borrowed with inter t (which may be paid in advance
or otherwise) at a rate not exceeding per centum per annUm.
2. Allor anyaµms borrowed pursuant to the authority of thi By-law as well as all other sums
, borrowed in ,this year and any previous years from the Bank for a y or all of the purposes mentioned
in the àaid Section 341 shall, with interest thereon, b<: a charge upo the whole or any part or parts of
the revenua'of the Corporation for the current year and for all receding years, as and when such
revenues are received.
3. The Treasurer ,is hereby authorized and directed to apply ~. payment of all or any sums bor-
rowed as aforesaid, together with interes, t thereon, all or any 0 the moneys hereafter collected or
received, either on account of or realized in respect of' the taxe levied for the current year and
preceding years or from any other source, which may lawfully b<: pplied for such purpose.
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",PASSED this ... day of 01_..1'7 19 ~
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" ~-. the orporati n
~rite':Seal) ,
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" Wé,þer~~tif.Y that the foregoing is atrue-eopy of by-law of the above mentioned -
CorporatiÓR; d¡¡ly~ at a meeting of the Council of the said C rporation duly held, and that the
....aid By-law is in full force and effect.
Given under our hands and seal of the Corporation this
day of' 171')' 19 ~".,
.....
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