HomeMy WebLinkAboutTWP 74 02 Borrowing By-law
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Form 348 (6-68'
ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY-LAW
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WHEREAS the Council of the Corporation of the ~
(herein called "the Corporation") deems it necessary to borrow the sum 0 $ .t þtJ./ ø-<rC
unti! the taxes are collected. the current expenditures of the Corporation or the year;
·AND WHEREAS the total amount of the estimated revenues of t e Corporation as set forth in
the estimates adopted for the year 19} r. is $ i 7 ~ ~, ;
AND WHEREAS the total amount heretofore authorized to be rrowed this year for the pur-
poses mentioned in Section 329 of the Municipal Act is $ .!J s-~ , ,.."...,. . . of which the Corporation
has already borrowed a total of $ ......L . :
to meet,
THEREFORE THE COUNCIL OF THE CORPORATION h eby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Co poration to borrow from time
to time dun2'n the ear in ¥cordance with the provisions of the said Sect on 329 by way of promissory
note from ¡¡, Af<h /J. ~ (herein called "the Bank" a sum or sums not exceeding
in the aggregat hereunder ¡
Dollars ($ .1S'~ ~ ) to meet. until the ta es 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 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 the prevail' 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 329 shall. with interest thereon. be a charge upon the wh e or any part or parts of the
revenues of the Corporation for the current year and for all preceding yea . as and when such revenues
are received.
3. The Treasurer is hereby authorized and directed to apply in payme t 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 Ban 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 329; and the to I of any borrowings made in
the year under the said Section 329 which have not been repaid.
S. 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 ime to time by the Treasurer
RIIJ'!¡uànt to ¡¡aragraph 4 of this By-law.
.-6: This.By.:Jaw shall remain in full force and be binding on the Cor ration as against the Bank.
0- unti! a copy; cert'¡fied by the Clerk under the corporate seal. of a By-I repealing or replacing this
_ By-law, shall havé been received by the Bank and duly acknowl~ed by it in writing.
-i'ASSED this' :>. I day of :r- ~ 19 7 ¥
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(Corporate Seal)
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We hereby certify that the foregoing is a true copy of a By-law 0 the above-mentioned Corpo-
ration" duly passed at a meeting of the Council of the said Corporation duly held. and that the said
By-Ia\r:..is~n full force and effect.
Gi ¥en under our hands and seal of the Corporation this
day ~<$~ 197jf
(Corporate Seal)
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