HomeMy WebLinkAboutBRU 57 749 Borrowing By-law
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LE 4:95 tI1-53)
ONTARIO
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MUNICIPAL CORPORATIONS-BORROWING BY-LAW
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'w EREAS the Council of the Corporation of the of
~ gJ.- (herein called "the Corporation") deems i necessary to orrow the
sum of $ 70,000. to meet, until the taxes are collected, the current expendit res of the
Corporation for the year;
·AND WHEREAS the total amouJ!.t of the estimated revenues of the Corporation set forth
in the estimates adopted for the Ye<!r 19! " not including re""nues derivable or derived fr m the sale
of assets, borrowings or issues of debentures or from a surplus including arrears of taxes d proceeds
from the sale of assets is $
AND WHEREAS the total amount heretofore authorized to be borrowed this ye~r
poses mentioned in subsection (1) of Section 341 of the Municipal Act is $ 70 D ðû "...:---
the Corporation has already borrowed a total of $.: 7. ððO, to:
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THEREFORE THE COUNCIL OF THE CORPORATION hereby enacts as foil
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to ow from
tin1e to time by way of promissory note from THE ROYAL BANK~CAN DA rein calI
"the Bank") a sum or sums not exceeding in the aggregate hereunder
~ Dollars ($ 7 (J, ð (JO)Þ; to eet, un . the taxes
are collected, the current expenditures of the Corporation for the year, including the amou ts required
for the purposes mentioned in subsection (1) of the said Section 341, and to give on half of the
Corporation to the Bank a promissory note or notes sealed with the Corporate seal an signed by
the Head and Treasurer for the moneys so borrowep with interest (which may be paid in advance
or otherwise) at a rate not exceeding ~ per centum per an Urn.
2. All or any sums borrowed pursuant to the authority of this By-law as well as all ther sums
borrowed in this year and any previous years from the Bank for any or all of the purpose mentioned
in the said Sectiðií~4r$ñalÏ>wit1î interest thëreon, lie a ebarge upon the whole or any or parts of
the revenues of the Corporation for the current year and for all preceding years, as and when BUeb
revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all or an BumB bor-
rowed as aforesaid, tngether with interest thereon, all or any of the moneys hereafter ollected or
received, either on account of or realized in respect of the taxes levied for the curren year and
preceding years or from any other source, which may lawfully be applied for such pur
PASSED this ~ day of ~
- ~..póratèSeal)
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- - ~, " - We' hereby certify that the foregoing is a true copy of a by-law of the abov
Corporation, duly passed at a meeting of the Council of the said Corporation duly held,
saTd'By-law is'in full force and effect.
~. -. -, -. '¿i~ under our hands and seal of the Corporation this ~
day of , ~ 195'7 ~_./.
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