HomeMy WebLinkAboutTWP 70 01 Borrowing By-law
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Form 30&8 (6-68)
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ONTARIO
MUNICIPAL CORPORATIONS - BORROWING BY-LAW
WHEREAS the Council of the Corporation of the
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of ~~:¡,.d.:
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(herein called "the Corporation") deems it necessary to borrow the sum 0 $..!?' C> !H)-t)
until the taxes are collected, the current expenditures of the Corporation or-the y~r;
to meet,
*Refer to
the ..<I-
mates for
the cur-
rent year
if adopted;
Ii not. to
thoee of
....year.
,
· AND WHEREAS the total amount of the estimated revenues of t e Corporation as set forth in
the estimates adopted for the year 197/1, is $ f/ ~ ~ 6-'f
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 $ , of which the Corporation
has already borrowed a total of $ :
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 durintJhe yew¡ in 1lC!;.0rdancj' with the provisions of the said Sect on 329 by way of promissory
note from <7~ lJ ~ . (herein called "the Bank" a sum or sums not exceeding
in the aggregate hereunder ...
Dollars ($:('~"'" ) to meet, until the t 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 ng 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 of the purposes mentioned in
the said Section 329 shall, with interest thereon, be a charge upon the wh Ie or any part or parts of the
revenues of the Corporation for the current year and for all preceding y s, 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 cur 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 yea, or of the estimated revenues
for the previous year where the estimated revenues have not been ado 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 al 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,
AlRtil.a copy, certified by the Clerk under the corporate seal, of a By-l w repealing or replacing this
,~.Iaw,.shall have been received by the Bank and duly acknowledged b it in wrjting.
~, t'KSSED this .s- day of ?~-u< ,. ~ï- 19 '7 t1
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(Corporate Seal)
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 this
~~.~.~: 5" T7- 19?"
~lÍrpÓí:ate Seal)
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2. The nature and amount of the estimated revenues of the Cor
derivable or derived from the sale of assets, borrowings or issues of debent or from a surplus including
arrears of taxes and proceeds from the sale of assets) set forth in the estimat of the Corporation adopted
:n~ ð "..,-0,....0
for the year 19// are $ .- ____,..., as more particularly set forth in Schedule A hereto.
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3. The nature and amount of revenues (exclusive of revenues derivab
usets, borrowings or issues of debentures or from a surplus including arr
the sale of assets) of the Corporation for the current year collected to date'
more particularly set forth in Schedule B hereto.
.
ONTARIO
MUNICIPAL CORPORATIONS
STATEMENT BY TREASURER RE BORRO ING
TO:
Re: The Corporation of the ~ ~ 1
in the Province~1ft~~lled "the c~rporation")
I hereby certify that the following statements are true and correct
1.
The estimates of the Corporation for the current year have ~
.. The nature and amount of the estimated revenues (exclusive of
(Delete
r= from the sale of assets, borrowings or issues of debentures or from a surplus
==- proceeds from the sale of assets) of the Corporation for the current year not
as more particularly set forth in Schedule C annexed hereto.
.
Form M9 (6-65)
.
of
adopted.
or derived from the sale of
of taxes and proceeds from
$~
,as
enues derivable or derived
cluding arrears of taxes and
et collected is $
5. The total of any amounts borrowed by the Corporation under Sec' 329 of The Municipal Act
in the current year is $ and the total of such amo ts that have not been repaid
are $
This statement is deüvered to The Royal Bank of Canada pursua to the provisions of Section
329 of The Municipal Act, as amended to date.
AS WITNESS the corporate seal of the Corporation this
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