HomeMy WebLinkAboutTIV 73 13 Borrowing By-law
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Form 348 (11·71)
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ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY-LAW
No. 73-13
WHEREAS the Council of the Corporation of the
TIVERTON
(herein called "the Corporation") deems it necessary to borrow the sum 0 $ 20,000.00
until the taxes are collected, the current expenditures of the Corporation or the year;
VILLAGE
of
to meet,
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·AND WHEREAS the total amount of the estimated revenues of t e Corporation as set forth in
the estimates adopted for the year 19 74 is $ 5 2 , 6 51. 0 0
AND WHEREAS the total amount heretofore authorized to be
poses mentioned in Section 332 of the Municipal Act is $ 20,000.00
has already borrowed a total of $10,000.00 :
THEREFORE THE COUNCIL OF THE CORPORATION h
1. The Head and Treasurer are hereby authorized on behalf of the Co ration to borrow from time
to time during the year in accordance with the erovisions of the said Sect' n 332 by way of promissory
note from Tne Royal Bank of Canaqllerein called "the Bank" a sum or sums not exceeding
in the aggregate hereunder Twenty Thousand ------------ -----------------
---------------DoJlars ($20,000. ) to meet, until the are collected. the current
expenditures of the Corporation for the year, including the amounts re uired for the purposes men-
tioned in the said Section 332. and to give on behalf of the Corporation t the Bank a promissory note
or notes sealed with the corporate seal and signed by the Head and Treasur r for the moneys so borrowed
with interest (which may be paid in advance or otherwise) at the prevaili g rate from time to time of
the bank.
2. All or any sums borrowed pursuant to the authority of this By-I w as well as all other sums
borrowed in this year and any previous years from the Bank for any or all f the purposes mentioned in
the said Section 332 shall. with interest thereon. be a charge upon the who e or any part or parts of the
revenues of the Corporation for the current year and for all preceding year . as and when such revenues
are received.
3. The Treasurer is hereby authorized and directed to apply in paym t of all or any sums borrowed
as aforesaid. together with int~t .tþereon. all or any of the moneys h eafter collected or received,
either on account of or realized in respect of the taxes levied for the curr t year and preceding years
or from any other source, which may lawfully be applied for such purpo .
4. The Treasurer is hereby authorized and directed to furnish the Bank at the time of each borrowing
with a statement showing as at that date the nature and amount of the esti ated revenues for the current
year where the estimated revenues have been adopted for the current year or of the estimated revenues
for the previous year where the estimated revenues have not been adop ed for the current year; the
nature and amount of the uncollected balance of the estimated revenues; the aggregate of borrowings
made in the year under the provisions of the said Section 332; and the tot of any borrowings made in
the year under the said Section 332 which have not been repaid.
5. The Bank shall be entitled to rely as to the authority of any borro . g on a copy of this By-law
certified by the Clerk and on the statements furnished to the Bank from me to time by the Treasurer
pursuant to paragraph 4 of this By-law.
6. This By-law shall remain in full force and be binding on the Co ranon as against the Bank.
. Jl.1!til a copy, certified by the Clerk under the corporate seal. of a By-Ia repealing or replacing this
_---:1Jy.lå.~hall have been received by the Bank and duly acknowledged by it in writing.
~<~:..;:~~}·:~8::~ 14th day of December 1973.
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owed this year for the pur-
. of which the Corporation
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