HomeMy WebLinkAboutTWP 49 500 Borrowing By-law
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16
Form Le 491
Rev. 1·33
ONTARIO
BY-LAW OF MUNICIPAL CORPORATIO
"1 -III /'
THE CORPORATION OF THE................................QF.............
..,...............
BY-LAW No.......?..~~.·:.~.'~...:........
A By-law to authorize the borrowing of $.......... ............. ............... .
WHEREAS the Council of the Corporation deems it necessary to borrow the sum
of $... .".I~"......... t9 meet, until the taxes are collected, the c rrent expenditures
of the Corp'onít'ion for the year;
* AND WHEREAS the total am01mt of the estimated revenues.,o the Corpøration as
set forth in the estimates adopted for the year 1_.., not includin revenues derivable
or derived from arrears of taxes, borrowings and issues of debentur s is $J"..llIh..
AND WHEREAS the total amount heretofore authorized to be borrowed this''Year
for the purposes mentioned in subsection (1) of Section 339 of e Municipal Act is
$..........................., of which the Corporation has alread borrowed a total
f$' . . ; .
o ....au.............................. .'
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THEREFORE the Council of the Corporation of the............!
oL. .,...................................................... h.ereby enacts as foll ws:
1. The Head and Treasurer are hereby authorized on behalf 0 the Corporation to
. borrow from time to time, by way of promissory note, from THE OY AL BANK. OF
CANADA a sum or sums not exceeding in the aggregate hereund r................................
.... .......'!'!....J_;&....,..A..............................~.·..........._.._.._..._.._................ .....Dollars
($....,,*"...,....) to meet, until the taxes are collected, the currerit expenditures of the
Corporation forthe year, including the amounts requiréd for the pu oses mentioned in
subsectiOn (1) of the said Section 339, and to give, on behalf of the Corporation, to the
Bank a promissory note or notes, sealed with the Corporate sea . and signed by the
Head and Treasurer for the moneys so borrowed wit!¡¡ interest ( hich may be.paid
in advance or otherwise) at a rate notac~.......:...........per entum per annum.
2. All'sums borrowed pursuant to tlte authority of this By"la ,as well as all other
sums borrowed in this year, and any previóùs yeaîi; from the said· ank, for any or all
of the purposes mentioned in the said Section 339, shall, with in erest thereon, be a
charge....upo.n the. whole of the revenues of the Corporation for the urrent year and for
all preceding years, as and when such revenues are received. .
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3. The Treasurer is hereby authorized and directed to a ly in payment of all
sums borrowed as aforesaid, together with interest thereon, all 0 he moneys hereafter
collected or received, either on account or realized in respect of t e taxes levied for the
current.year and preceding years, or from any other source, hich may lawfully be
applied for such purpose.
PASSED this...... ..1........................ ..day o£...... ...'fl-Wi!7 ...:.. .......19....,..
........................ti.....ll..... ....".H.~.~..~...............
..........~~:J. OF T~~ .~~~~~.~I~~~....
CLERK
Wè hereby certify that the foregoing is a true copy of By-la No...............................
of the Corporation of the..'. ¡\"....................o£.......~"" 1& ................................
in the Province of Ontario, duly passed ata meeting of the Coun i1 of the said Corpora-
tion duly held, and that the said By-law is inJull force ande1tect.
( CORPORATE
SEAL)
Dated this.....lO........·.....................day o£..........-I--.",..... .................. .......19..."
As witness the seal
of the Corporation
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.................................él.... .·tl..~~./,.~~..'..
(THE HEAD OF THE CORPORATION)
(CoRPORATE
SEAL)
............¿¡. .......... ...~......
CLERK
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