HomeMy WebLinkAboutTWP 68 01 Borrowing By-law
;t:f £~- /
of~
(herein called "the Corporation") deems it necessary to borrow the sum of $ .z Sð),.ai), ~o meet,
until the taxes are collected, the current expenditures of the Corporation r the year;
· AND WHEREAS the total am91J1!t of the estimated revenues of t Corporation as set forth in
the estimates adopted for the year 19"¥, not including revenues derivabl or derived from the sale of
assets, borrowings or issues of debentures or frl1J!1 a surplus including a rears of taxes and proceeds
from the sale of assets, is $ .-=? ~ 0 ð71),; ~
AND WHEREAS the Total al~lOunt heretofore authoriz~ to be bo rowed this year for the pur-
poses mentioned in Section 329 of the Municipal Act is $ ..;z.5 Ð ~, ,of which the Corporation
has already borrowed a total of $ I/' :
THEREFORE THE COUNCIL OF THE CORPORATION h eby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Cor ration to borrow from time
t,o time during tI;/¡ Y~ar in ccordancf. with the provisions of the said Secti n 329 by way of promissory
note from (1.'{ ß~ (herein called "the Bank") a sum or sums not exceeding
in the aggregate here er __1f'Þ
, Dollars ($ ~.<~ crPU ) to meet, until the tax are collected, the current
expenditures of the Corporation for the year, including the amounts re ired for the purposes men·
tioned in the said Section 329, 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 a rate not exc ing per centum per annum.
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 329 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 paymen of all or any sums borrowed
as aforesaid, together with interest thereon, 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 nt year and preceding years
or from any other source, which may lawfully be applied for such purpos .
4. The Treasurer is hereby authorized and directed to furnish the Bank t 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 329; and the tot I of any borrowings 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 borro 'ng on a copy of this By-law
certified by the Clerk and on the statements furnished to the Bank from t 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 Cor ration as against the Bank,
until a copy, certified by the Clerk under the corporate seal, of a By-Ia repealing or replacing this
By-law, shall have been received by the Bq~ acknowJ~$ed by t in writing.
PASSED this ~ day of ¡--_. _ . ¡ 19 ~y
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ONTARIO
MUNICIPAL CORPORATIONS - BORROWING
r;
V-LAW
WHEREAS the Council of the Corporation of the
·
*Refer to
tbeeeti-
mates for
the cur·
,"""..,.
if adopted;
if not. to
..... of
Jastyear.
·
Form 348 (6-65)
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-: ;.; (COQ>O;IItJ'~a~ /}1
_ ';'; '< "'~--:.. "_:- ~ Clerk
':. ê. ~... WJ. n;reby certify that the foregoing is a true copy of a By-law of the above-mentioned Corpo-
- -'~atiQn, dù1ý p¡Ìòsed at a meeting of the Council of the said Corporation uly held, and that the said
-.·Bjf.i"W"'Ìs i¡¡'full force and effect.
-w. . .~
"--"~CiV"""underhhandS and seal of the Corporation this
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name of
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éstimatés
(or current
year have
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adopted)
(Refer to
the esti~
mates for
the current
year if such
have been
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(Attach
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Form 349 (6..65)
of
in the Province of Ontario (hereinafter called "the Corporation ")
I hereby certify that the following statements are true and correct of this date:
5. The total of any amounts borrowed by the Corporation under Secti
in the current year is $ and the total of such amou
areS
This statement is delivered to The Royal Bank of Canada pursuan
.........122 of The Municipal Act, as amended to date.
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" ..,.. ..;, ~.:. AS WITNESS the corporate seal of the Corporation this
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ONTARIO
MUNICIPAL CORPORATIONS
STATEMENT BY TREASURER RE BORRO ING
TO:
~1
Re: The Corporation of the
I.
The estimates of the Corporation for the current year have (not)
n adopted.
2. The nature and amount of the estimated revenues of the Corpo ation (exclusive of revenues
derivable or derived from the sale of assets, borrowings or issues of debentu es or from a surplus including
arrears of taxes and proceeds from the sale of assets) set forth in the estimat of the Corporation adopted
for the year 19 are $ 3 8' ð) lT77"O. ~as more particularly set forth in Schedule A hereto.
3. The nature and amount of revenues (exclusive of revenues derivab e or derived from the sale of
assets, borrowings or issues of debentures or from a surplus including arrea of taxes and proceeds from
the sale of assets) of the Corporation for the current year collected to date i $ ¿;..- , as
more particularly set forth in Schedule B hereto.
",., .......;JI-
4. The nature and amount of the estimated revenues (exclusive of r venues derivable or derived
(Delete
l}~~ £fom the sale of assets, borrowings ör issues of debentures or from a surplus neluding arrears of taxes and
fot current
ye,,, no".. proceeds from the sale of assets) ofthe Corporation for the current year not et collected is S
adopted)
as more particularly set forth in Schedule C annexed hereto.
n 329 of The Municipal Act
that have not been repaid
to the provisions of Section
r dayoh
, 19
£r
J~
Treøaurer