HomeMy WebLinkAboutTIV 73 03 Borrowing By-law
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Form. HI (6-68)
.
ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY -LAW
No..73-~
WHEREAS the Council of the Corporation or the
TIVERTON
(herein called "the Corporation") deems it necessary to borrow the sum of $ 10,000
until the taxes are collected, the current expenditures of the Corporation for the year;
VILLAGE
of
00 to meet,
"ReI"to
the"U-
mates for
the cur-
rent year
if adopted;
if not. to
those of
last year.
· AND WHEREAS the total amount of the estimated revenues of the Corporatio as set forth in
the estimates adopted for the year19 72, is $ 5 2 , 651 . 00 ;
AND WHEREAS the total amount heretofore authorized to be borrowed this y ar for the pur-
poses mentioned in Section 329 of the Municipal Act is $ 10,000.00 , of which t £0 Corporation
has already borrowed a total of $ Nil
THEREFORE THE COUNCIL OF THE CORPORATION hereby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to bo ow from time
to time during the year in accordance with the provisions of the said Section 329 by wa of promissory
note from The Royal Bank of Cana~aerein called "the Bank") a sum or sum not exceeding
in the aggregate hereunder Ten Tbciusand ----------------------- --------
________________Dollars ($ 10,000.) to meet, until the taxes are collect ,the current
expenditures of the Corporation for the year, including the amounts required for the purposes men-
tioned in the said Section 329, and to give on behalf of the Corporation to the Bank a omissory note
or notes sealed with the corporate seal and signed by the Head and Treasurer for the mon ys so borrowed
with interest (which may be paid in advance or otherwise) at the prevailing rate from 'me to time of
the bank.
2. All or any sums borrowed pursuant to the authority of this By-law as well as all other sums
borrowed in this year and any previous years from the Bank for any or all of the pur mentioned in
the said Section 329 shall, with interest thereon, be a charge upon the whole or any part r parts of the
revenues of the Corporation for the current year and for all preceding years, as and whe such revenues
are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all or any urns borrowed
as aforesaid, together with interest thereon, all or any of the moneys hereafter collect or received,
either on account of or realized in respect of the taxes levied for the current year and receding years
or from any other source, which may lawfully be applied for such purpose.
4. The Treasurer is hereby authorized and directed to furnish the Bank at the time of ch borrowing
with a statement showing as at that date the nature and amount of the estimated revenu for the current
year where the estimated revenues have been adopted for the current year, or of the esti ated revenues
for the previous year where the estimated revenues have not been adopted for the cu ent year; the
nature and amount of the uncollected balance of the estimated revenues; the aggregat of borrowings
made in the year under the provisions of the said Section 329; and the total of any borr wings made in
the year under the said Section 329 which have not been repaid.
5. The Bank shall be entitled to rely as to the authority of any borrowing on a cop of this By-law
certified by the Clerk and on the statements furnished to the Bank from time to time b the Treasurer
pursuant to paragraph 4 of this By-law.
6. This By-law shall remain in full force and be binding on the Corporation as ag 'nst the Bank,
until a copy, certified by the Clerk under the corporate seal, of a By-law repealing 0 replacing this
By-law, shall have been received by the Bank and duly acknowledged by it in writing.
PASSED this Seventeenth day of April 19 73
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