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HomeMy WebLinkAboutBRU 62 837 Borrowing by-law , '.. í l t , fc ~~ ¡ i MUNICIPAL CORPORATIONS_ ~tJ\:1tNÐ'~ e1? -BORROWING BY-LA Townsnip of Bruce. WHEREAS ~he Council of the Corporation of the Township of called the Corporation) deems it necessary to borrow the s ruce (herein of Nine~yThousand Dollars('90,OOO~Oø) to meet until the taxe are collect- ed, the current expenditures for the Corporation for the y ar; -:·5·....,,'~>:.. ANDWHElmAS the total amount of the estimated revenues of he Corpor- at.1on as set forth in the estimates adopted for the year 1 62, not including revenues derivable or derived from the sale of a sets, borrow- ings or issues of debentures or from a surplus including a rears of taxes and proceeds from the sale of assets is t130,000.ßO; Ati8 WHERf.AS the total amount heretofore authorized to be b rrowed this year for tne purposes mentioned in Subsection 1 of Section Municipa~ ACt is 175.000.00 of which the Corporation has a tow. oft73,.Qe';QCI.J THEREFOBJ~THE COUNCIL OF THE CORPORATION hereby enacts as 341 of the - bo~owed ready;,s ollows : The Head and Tre~surer are hereby authorized on behalf of he Corporation from time to time by way of promissory note from the ROYAL BANK OF CANADA theJ:'ein oalled the bank}a.sum or sums not exceedi in the aggregate hereunder Ninety Thousand Dollars ($90,000;00) to meet until the tax ected the current expenditures of the Corporation for the the amounts. ~tioned in subsection 1 of said section 341, on behalf of the Corporation to the Bank a promissory note sealed with the Corporate Seal and signed by the Head and for the mon1eØ so borrowed with interest (whioh may ~ pai or otherWis~)at a rate notexceedin~ Six per oentum ~6~) AU. or anysÙIIIS borrowed pursuant to the authority of this well as all other sums borrowed in this year or any previo the Bank for any or all of the purposes mentioned in said wi thinterestthereon, shall be a oharge upon the whole or parts of the Corporation for the ourrent year and for all yeal"s,asand when such revenues are received. The Tr61'lurer is hereby authorized and direoted to apply i payment of all or any sums borrowed as af'o.resaid, toghether with inte est thereon, all orð1'!Yof'·themonies nereafter oollected or received ether on acoount of.o%' realized in respect of the taxes levied for he ourrent year andp:reoeð.ing years or from any other source, whioh m y be law- c~~~ applied fo'X' suoh purpose. ;j>~ลก'~'::th1S 5th d.aY of September s are 0011- ear, includ- and to give or notes rea surer in advance er annum. by~law as s years from eotion 341, ny part or reoeding . . . . ~. .. .'.. .Reeve "seal . ?1 f5z . . .' '. ..... . . ..... . . . .. ~ ~ ~. Clerk 'We tereb¡c~rt1f7 that the foregoing is a true copy of a b -law of the Corß'oratlon..IiJµy·Þasliledat a meeting of the Counon of the said Corpor- ~t;~q.u+r~4:. arid that. the said By-law is in full foroe and effeot. '';;''''è,-. ,_ __'~""'~;" ~'}~"d~rpur ñandsáñèl sèäl of. the Corporation this '·~:-~;<-ß.(:. --~ . .~.t.~~r ¡'962 A.D. .. .:..l~i ·~z:.: - .' " 'a ~~- - .' ...... ~. '_ c ~:"'y;; , . "" .~ );.. . . .. ... Jieeve . .-K. 'f?.. ~7·'1h Clerk ~.: . , - -"-X-!'":;.. ~ ., . . day of.