HomeMy WebLinkAboutBRU 58 758 Borrowing By-law
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LE .95 {Ii-53)
ONTARIO
MUNICIPAL CORPORATIONS-BORROWING BY-LAW
It 751,
WHEREAS the Council of the Corporation of the Townshi . of
Bruce ~ (herein called "the Corporation") dee s it necessary to borrow the
sum of $ 70) ðOð, to meet, until the taxes are collected, the current expenditures of the
Corporation for the year;
"AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth
in the estimates adopted for the year 1'15 8, not including revenues deriv ble or derived from the sale
of assets, borrowings or issues of debentures or from a surplus including rears of taxes and proceeds
from the sale of assets is $ 120.000.00 ;
ANlYWHEREAS the'total amount heretofore authorized to be bo r~ej this year for the pur-
poses mentioned in subsection (1) of Section 341 of the Municipal Act is TIi" 0 l), , of which
the Corporation has already borrowed a total of $ .3 S';þtJo. :
THEREFORE THE COUNCIL OF THE CORPORATION her by enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to borrow from
time to time by way of promissory note from THE ROYAL BANK CA ~erein ca~d
"the Bank") a sum or sums not exceeding in the ag~ate hereunder ... . . ...
,¡Pollars ($ 7fJJ'o , ) to eet, until the taxes
are collected, the current expenditures of the Corporation for the year, in luding the amounts required
for the purposes mentioned in subsection (1) of the said Section 341, d to give on behalf of the
Corporation to the Bank a promissory note or notes sealed with the orporate seal and signed by
the Head and Treasurer for the moneys so borrowed with interest (w ich may be paid in advance
or otherwise) at a rate not exceeding r centum per annum.
2. Allor any sums borrowed pursuant to the authority of this By- aw as well as all other sums
borrowed in this year and any previous years from the Bank for any or II of the purposes me"tioned
iii (he'oaidSeetioø<Mi 111>41, ,Old!. inl",,,,,t d>,*~u;"be'-a~ upori- whole or any paI1: or pãtU"ð'f
the revenues of the Corporation for the current year and for all prec ing years, as and when such
revenues are received.
3. The Treasurer is hereby authorized and directed to apply in pa
rowed as aforesaid, together with interest thereon, all or any of the oneys hereafter collected or
received, either on account of or realized in respect of the taxes levi d for the current year and
preceding years or from any other source, which may lawfully be applie for such purpose.
;r;d
PASSED this
day of
.....>
(C(,rpó)'ate-Seal)
:-__ We hereby ~L. tif¡'tIo..t,., ioregoing is a true copy of a by law of the above mentioned'
èòtporation, duly passed at a meeting of the Council of the said Corpor tion duly held, and that the
said By-law is in full force and effect.
Giveô;:r~:u:::dS and seal of the Corporation this
day of r'--7 19~'l '
~Corporate Seal)
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