HomeMy WebLinkAboutBRU 59 771 Borrowing By-law
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Lit 495 (1I-5J)
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ONTARIO
MUNICIPAL CORPORATIONS - BORROWIN
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WHEREAS the Council of the Corporation of the P of
.... (herein called "the Corporation") d ms it neϿsary to borrow the
.um of ~ _.000.00 to meet, until the taxes are collected, t e current expenditures of the .
Corporatioitlór the year;
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_ to · AND WHEREAS the total am0'!Dl of the estimated revenues f the Corporation as eet forth
::.~ in the estimates adopted for the year 19"'not including revenues de ivable or deri~ from the sale
"'ne;¡' of usets, borrowings or ÌIIIIlI9pf debentqzes or from a surplus includi arrears of taxes and proceeds
F~ from the sale of usets is $UO.OOO.OO ;
..... 01
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wed this year for the pur-
.1.1. ,of Wh~
AND WHEREAS the total amoont heretofore authorized to be
'JI08e!I mentioned in subsection (1) of Section 341 of the Municipal Act s $
,the Corporation has already borrowed a total of $ .11. :
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THEREFORE THE COUNCIL OF THE CORPORATION
reby enacts as follows:
1. T, he Head and Treasurer are hereby authorized on behalf of t e Corpora.tion· to borrow frOW
.H""8ìU'to time by way of promissory note from THE ROYAL BAN OF CANADA (herein caIW
"the Be!1k") a sum or sums not exceeding in the aggregate hereunder .Sennt;y 'tb01t~.,"
"_:. ,._................__._____....___...__...Dollars <'70. OÐ.) to meet, until the taxes
"< " Ire,, C,Ollected, thacurrent expenditures of the Corporation for the yeat. ñcTuding the amounts required
·...the purposes mentioned in subsection (1) of the said Section 341 and to give on behalf of the
~" to, the Bank a promissory note or notes sealed with the Corporate seal and signed, ,b,Y
the....,'OO Treasurer for the moneys so borrowed with interest hich may be paid in acIvutIe
or otl~"'~,..,.~JIOt ex.;eeding st . per c;eJrturn per 8I11'U1Q1,
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theìl,J.,.r- of the Corporatkìi¥t!!r....,..t year and for all ~..... as and whea ..
revell__,~ived, ;'. . . .
The Tr~"_i*,hereby authorized lUldêlke¢ted to apply in :yment of all or ~ sums bor-
.. aforesaid, ti f.i1' .1\'With interest thereon, all or any of t moneys ~tèr collected or
. ."Jlither on account..~ized in respect of the taxes Ie 'ed for the current year __
.. or from any otIoerf!!l!m"which may lawfully be ap fGr,1!UCh purpose,
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PASSED .' . .;....
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~è:Beatr
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day of
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'~rebY C<!rtify that the foregoing is a true copy of a b
" " Cor " d.ul, y pa,ssed at a meeting of the Council of the said Co
Ace. . sai ~}4åw__fuj,llorce and effect.
-law of the ~ mentioned
tÍODdldyhelil', and that the
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.Given under 0IU'h..nds and !!e'll o£ the Corporation tbis
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