HomeMy WebLinkAboutTWP 58 572 Borrowing By-law
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ONTARIO
MUNIClJ>AI. COR1>ORATIONS - BORROWING BY
WHE the CounciLof the Corporation of the .i.
r<! _(herein called "the Corporation") deem i
. ~\O.. U1{ ~ ....-¡<\meet. until the taxes are collected. the
. 'a,¡eno)) ~:ND ~H::;:~ the total a.m,~n4:he estimated revenues of the
%~~...;tí .tl\e estirna.~ ~opteq for the year 19\6~~t including reve~ues d~rivable
~..~~~~~r;;:is'~7~k;'eje~~ a surplus including arre
~~: c<.t.O ~~kS-\:iié ~~:""~6!it1leretolOre authorized to be borrow
poses mentioned in subsection (1) of Section 341 of the Munigpal Act is $ -;
thè'. Corporati~~ has already borrowed a total of S.~ :'
Awó7Z"
of
ecessary to borrow the
nt e1Iperiditur-es of the
orporation as set forth
r derived from the sale
of taxes Imd proceeds
_ }hisyear .hI- the pur-
I ø-ð-O -;-of which
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THEREFORE THECPUNCIL OF THE CORPORATION hereby e acts as fonows:
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1. ...-" The Head Imd Treasurer are hereby authorized on behalf of the Co ration toborròw ftØtí1
. - e to time by way. f promÌ/!lJOl'o/ note from THE ROYAL BANK OF NAPA (herein called
. ß!t '. sums II '. "'." .¡ngintbe aggreE'~n':($7'}; ~ ) to meet,until the tro>es
a¡;ep .' '. .th~ ,nt ex~ditures'?fthe Corporatio~ for th~ ýear~ includi g t~eãtnounts requited
f()l1!i11Ïi.I.. ,./ poses mentioned In su~tion (t)of-the &a1d Section 341. and t give on be. half of the
..~ on ito the Bank a promissory note or notes sealed with the Corpo ate seal and signed by
#,e..Head, aud Treasurer for the;rnone. ys sq boíPjwe. W. ed. with interest (which ay be. paid in advançe
or Otherwise) at a rate not exœedmg @t" per œ turn per annum.
2. .'. Allor any sums borrriwed pursuant tà-ihe authority of this By-law well as all other sutn&
,'~ in,thíI,y~ Imd any pre~years from the Bank for any or all of he purpollell mentioned
, 'in the said ~tion 341 8baJ ,..,tlt.jl!te~thereon, he. a charge upon the-w -Or-aay-part;>r pam of -
'---- tn"rêVénues of the Corporation for the current year and for all preceding y ars, as and when such
revenues are received.
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3, . " The 1;reasurer is hereby authorized and directed to apply in payment of all or any sums bor-
~éd as afOresaid. together with ¡"tei'est thereon, all or any of the mone hereafter collected or
,t'~ved, either on accountolor . realized in respect of the .taxes levied fo the current year and
~~. years or from any o.ther S?"rce'.vIûçh may lawfully be applied for uch purpose.
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,l~ ·~~"pl~ib::his ~ day of h' 19 . tØ"
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rneetißg of the' Coun~iI
effect,
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-/i~.V' o.la..~on ~~;AAd that tbe8a1d By-law IS 1R full for
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Ihe ..!t. _ft. Ihe
JlllUlt ccmf'orm with t~
NIaU.. JlUDielpaJ Act.)
FormJ"eØl
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(The prcmatone
lligDiag of c
»rovisIQft8 of t
RESOLUTIONRE BANKERS AND SIGNING OFFI ERS
(For Citieo, T_ V~ Jl1!J>ieipaliti.. and School Distrieta)
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RES~l:V:a:.....~....
of the.,.......~
....................."........the Secreta~~urer
(héreln:!ter caned the "corpo (" :i5~~:;' ~ª,. ~~:~by-O:ÜI=:::: = of
with, deposit with, or treb.fer THE ROYAL BANK OF CANADA (but for credit of
only) all or any cheques abd other orders for tbe payment of mouey, aud for the said purp
IIDY of them onb"half of the corporation eitber iu writing or by rubber stamp.
corporation to negotiate
e eorporation'saccount
to fIDdorse the same or
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drawn in the name of th6.eorporation and signed on ita behalf by
.............,..............................
oOlotr Ad-lDdkate w)afl:her be ÙlIIQm'¡ Reeve. WardeD. Overaeer. Cbairm8n. Tnwtee. Clerk. T are,. or SeeretarJ'--rr.øurer)
and ....,:;:...:".. by....,........ ............ ............,........................,........................,.""" ....................
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" .:'" ¿~,;'i;;~:-.-~..,," - "(ffiil:éIt'-1ìuïír_er'åtfIéft;~ø) ¡n.f1b-dkate title of hIB otftee)
hereby authori~d lor and on behalf of the corþoration from time to time to reee lve from
of the account of the coJ'poration together with all relative vouchers and aU unpaid bills I
corporatioD and all. items returned· uDpai4 and charged to the aecount 01 the corporation,
the said Bank the. Bank's form of veritleatJon, settlement of balance and rele.....
.................
urer or 8eeretarJ'.~)
.............,be and iI/are
e said Bank a statement
god for colleetion by the
nd to sign and deliver to
. (4) That this ..,solution be comlllunieated to the said Bank and remain in force until ritton bOtice to the COb-
traryabail have been given to the JI_r for tbe time being of the branch of tbe said Ba at wbich the account of
thecor1lòration il kept, and receipt of lucb notice duly BClmowleclgeq in writing.
reoolution pBSOed at a meeting of the... . ." ,
((JouncU 01' Bovd of Tru.teeel
of the..
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duly _....eeI and regularly,b
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.~IN8ØI'I'~Â~. .'~.:- .AyO..R~. "RDVE. ," '''WARDEN.'' '''O-~.. "CHAJB.XAN," ""I'BU8TEB," .'CLERK,"'.
'!J~BR" sa..... ~ be. '
,- .. ·k'·_·OLIJt~~-...~~ARY,b.... 1M... __ be.
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URU" 01' "SECRETARY·
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