HomeMy WebLinkAboutTIV 74 02 Borrowing By-law
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Form 100..
qmario
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BY-LAW No.7<\~~
a. p= law to authorize .the borrowing of $ 30, 000
sum
.
Wheteas the Council of the Village of Tiverton
(hereinafter called the "Municipality") deems it necessary to borrow t
of $3.0;,000 to meet, until the taxes are collected, the
e¡,;petWÎtures of the Municipality for the year;
.. ~g:~.:'.: ...·~d Whereàs the total amount .of the estimated revenues.
."tlr~~ MuniciPality as set forth in the estimates adopted for the year 19
~t. totbOae ... '
·of jut yea,. $.... ~ '"
49j199'
~~('.'::: And Whereas the total of amounts heretofore borrowed for the p
..pI.......) mentioned in subsection (1) of Section 329 of The Municipal Act whic
not bet:n repaid is $ io, 000
.
f the
'3" is
TheI1lfore the Council of the V':Ulage
herebyènacts as follows: . .
·t. The Head and the Treasurer are hl$lì!byau~ on beha1f of the Munici
borrow from time. to time by way of promissory note from CANADIAN hlPERI
OF COMMERCE a sum or sums not exceeding in the aggregate $ 30-,000
to meet until the tl!xes are collected the current expenditures of the Muni 'pality
for the year, including the amounts required for the purposes mentioned in su tion
(1) of Section 329 of the Municipal Act, and to give on behalf of the Muni 'pality
. > ..to the Bank a pro¡nissory note or notes sealed with the COrPOrate Seal and si ed by .
. ·tbe Head and Treasurer. for the moneys so borrowed, with interest at s' rate
as may be agreed upon from time to tíme with the Bank.
~i AIIsuØlS borrowed pursuant to the authority of this by-law, as well as all oth sums
, borrowed in this year and in previous y~ from the said Bank for any or of the
; purposes mentioned in the said Section 329, s1ìall, with interest thereon, be charge
. upon the whole of the revenues of the Municipality for the current year an for all
prec;eding years as and when sucl1 revenues are received.
,1,'fhe 'freasurer is hereby authorized and directed to apply in payment of I sums
borrowed as aforesaid, together with interest thereon, all of the moneys h eafter
collected or received either on account or realized in respect of taxes levied for the
cw:rent year and preceding years Or from any other source which may 1'1 ally be
. ; applied for such purpose,
PáSøed this ·22nd
. "
dàý of January
19 74
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THE HEAD OF THE MUNICIP
(
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.
I hereby certify that th~ foregoing is a true copy of
No, 74-2 of the Village of Tiverton
il1 the Province of Ontario, duly passed at a meeting of the Council of e said
Municipality duly held, and that the said By-law is in full force and effect,
y-law
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DatedTbIs . 2ith.
As Witness the Seal of
day of
January
19 74
the Village
of Tiverton
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