HomeMy WebLinkAboutTWP 72 01 Borrowing By-law
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Form 3d (6-68)
ONTARIO
MUNICIPAL CORPORATIONS-BORROWING V-LAW
WHEREAS the Council of the Corporation of the
TOWNSHIP
72-1
of
(herein called "the Corporation") deems it necessary t.f~~o~t~!~m 0 $ 323,000.00 to meet,
until 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 1972, is $ 430, 762 . 00
AND WHEREAS the total amount heretofore authorized to be rowed this year for the pur-
poses mentioned in Section 329 of the Municipal Act is $ 323,000. 0, of which the Corporation
has already borrowed a total of $ ni 1 :
THEREFORE THE COUNCIL OF THE CORPORATION h eby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Cor oration to borrow from time
to time during the year in accordance with the provisions of the said Sect' n 329 by way of promissory
note from Royal Bank of Canada (herein called "the Bank" a sum or sums not exceeding
in the aggregate hereunder Thre1! hundreî & twenty-thr e thousand
Dollars \, ~ 2 3 000 to meet, untn the t are collected, the current
expenditures of the Corporation for die ylar, inc uding 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 prevaili 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 who 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 reafter 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 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.
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 ime 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-I repealing or replacing this
By-law, shall have been received by the Bank and duly acknowlÇ.dged by it in writing.
PASSED this 1 0 day of January 19 7 (.
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(Corporate Seal)
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Clerk:
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-law is in full force and effect.
Given under our hands and seal of the Corporation th'
day of January 1972.
(Corporate Seal)
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