HomeMy WebLinkAboutBRU 61 825 Borrowing By-law
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MUNrClPAL CORPORATIONS - BOIJROWI G BY-LAW (S"I:~t.Ž;)
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WHEREAS,tb", Councd of the Corporation of the Føwms tp" · .,,~
....e (herein called "the Corporation") d ms it necessary to borrow the'
....' Bum of ~...s"."- to meet, until the taxes are collected, t e current expenditures of the
Corporation ror the year;
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_.. "AND WHEREAS the total amount of the estimated revenues of the Corporation as sèt!orth
.::.~t. in the esgmates adopted for the year 1 Q. not including reve~ues de ivable or derived from the sale
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I,B" the Corporation has already borrowed a total ,of $ 15,000,00 : ,,' '
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THEREFORE THE COUNCIL OF THE CORPORATION ereby enacte as foIl9w~\"'i;
1. The Head and Treasurer are hereby authorized on behalf of e Corporation to h9rro'N from
0'" ,time to time by way,of promissory \lote from THE ROYAL BAN OF CANADA (herein called
~,,~Ithe," ',' Ban"k, ") a sum or Bums not exceeding in the aggregate hereunder , , '
Jf¡' ' I" , Dollars ($ ) to meet, until the taxes
" 'ì'~L,,', areco~tI¡e,tu"r"r"'?',t~ndituresC?ÍtheComor,atiOl! for th7 year, includin,i, ~e amo" unte required
"''''' for the p~~tlOned In BUbsection (I) of the øai.d Section 34 and to gtve on,bèhalf·of the
''':¡IF'Co", rpora, tion to the,,,k a promissory note or ,DOtes, sea, led with th Corporate -';aDd sign,ed,',b"Y"
, "1tIIeHead and TrelulUrerfor the moneys 80 houowed with interest whiéh may,be paid in ad~
....e~r) at a rate not exceeding ~ centu~ per annllm'.L ' "
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"~~ ..,2., ....Al.._P9~ a!'t ~tI¡"'authorityof thiB .'~. wéU,wnlt other s~
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.Jt revenus.reœiVëd. '.',.' '," i,'
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3. The Treasurer ÌI hereby auth~_ 4irected to apply in Y!ßentof all. or any suoÍf;,."
~,.,j"." a"foresaid, together with interest.llmon, all or any of t moneysli!fta£ter col1~or, '" 'or
.~ther on account of or realized in respettof the taxes Ie 'edJørtllf: curren~W' and
precedldJ.r~ or',from any other BOurce, which may lawfully be ap 'fcir lOch purposè.¡, .,
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';ai<rBý'iùis in full force and ~"'" ,t, ,è ' ,',
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Given under our handB and,øeaIOt'~a.. Corporation this
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