HomeMy WebLinkAboutTIV 74 14 Borrowing By-law
Fonn 100·69 Ontario
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()P- BY-LAW No..H~14
OF TIVERTON
..................
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to authorize the borrowing of $ 36,110.00
Whereas the Council of the Corporation of the Village f Tiverton
(hereinafter called the. "Municipality") deems it necessary to borrow th sum
of $ 36,110. ÒO to meet, until the taxes are collected, the c
expenditures of the Municipalîty for the year;
. to~;:::;t~:I~ And . Whereas the total amount of the estimated revenues f the
.~~.m Municipality as set forth in the estimates adopted for the year 197 ,is
.;.......... $ 51,588.00 . .
~~r:::'~ And Whereas the total of am.ounts heretofore borrowed for the pu poses
apphcable.) mentioned in subsection. (1) of ~tion 329 of The Municipal Act which have
not been repaid is $NIL
Therefore the Council of the Vi1l3ge of 'fivert n
hereby enacts as follows:
1. The Head and theTreas~rer are Mrebyauthorized on behalf of the Munici
borrow from time to tilJle byway of promissory note from CANADIAN IMPERIA
OF CoJnI:ERCE a sum or sums not.exceeding in the aggregate $36,110.0
to meet until thè'taxes are collectèd the current expenditures of the Muni 'pality
for tbeyear, inc;luding the amounts required for the purposes mentioned in su tion
(1) of SectiÒll, 329 of the Municipal Act, and to give on behalf of the Muni 'pality
to the Bank a promissory note or notes sealed with the Corporate Seal and si by
the H~d aàd . Treasurer for the moneys so borrowed, with interest at su rate
as may be agrèedupon from time to ûme with the Bank.
2. All SUI1)8 bO\'l"OWed pursuant to the autl\ority of this by-law, as well as all 0
borrowed in this year and in previous years from the said Bank for any or al of the
purpOHS mçilûoned in the said Secûon329, shatl. with interest thereon. be a charge
upon the wbole of the revenues of the Municipality for the current year and for all
preceding years as and when such revenues are received.
3''rhe Treasurer is hereby authorized and directed to apply in payment of
borrowed as aforesaid. together with interest thereon, all of the moneys h
..éOlIected or received either on account or r.,.l;~in respect of tax¢l¡levied or the'
. current year and preceding years or from any other'source which may lam be
- applied for such purpose.
P~ssed this 13th
day of August
1974
.
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I hereby. certify that the.. foregoing is a true copy of
No. 74-14 ofthe Village of Tiverton
in 'the Province of Ontario, duly paSSf;d at a meeting of the Council of
Municipalityd,ulyheld, and that the said By-law is in full force and effect.
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THE HEAD OF TH' MUNICIP
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Dated This ,,.¡;th
As Witness t~ Seal of
day of August
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1974
the' Village
ofTiverton
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