HomeMy WebLinkAboutBRU 62 837 Borrowing by-law
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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. ..
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. .-K. 'f?.. ~7·'1h Clerk
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