HomeMy WebLinkAboutBRU 50 684 Borrowing By-lawi1
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TILE CORPORATION OP TILE..
ONTARIO
BY -LAW OF MUNICIPAL CORPORATION
BY -LAW No..,, 6 .
Sol
A By -law to authorize the borrowing of $ 3 iT OdDe ..........
WIIEREAS t�c Council of the Corporation deems it necessary to borrow the sum
of $ S.. Oa ... to meet, until the taxes are collected, the current expenditures
of the Corporation for the year;
ad
'Refer the 'AND WHEREAS the total amount of the estimated revenues of the Corporation as
ulates tAeee
�elou b set forth in the estimates adopted for the year 19. CO , not including revenues derivable
of la:tyeyear. or derived from arrears of taxes, borrowings and issues of debentures is $
AND WHEREAS the total amount heretofore authorized tto be borrowed this year
for the purposes mentioned in subsection (1) of Section Al of the Municipal Act is
$
, of which the Corporation has already borrowed a total
TILER •ORE the Council of the Corporation of the
o f /l hereby enacts as follows:
1. The Head and Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time, by way of promissory note, from THE L BAN OF
CANAD a sum or si s not exceeding in the aggregate hereunder 4 .
Dollars
($.. S; 000. ) to meet, until the taxes are collected, the current expenditures of the
Corporation for the year, includinglile amounts required for the purposes mentioned in
subsection (1) of the said Section 3-64f and to give, on behalf of the Corporation, to the
Bank a promissory note or notes, sealed with the Corporate seal and signed by the
Head and Treasurer for the moneys so borrowed with interest (which may be paid
in advance or otherwise) at a rate not exceeding per centum per annum.
2. All sums borrowed pursuant to the authority of this By -law, as well as all other
sums borrowed in this year, and any previous yc from the said Bank, for any or all
of the purposes mentioned in the said Section Alf shall, with interest thereon, be a
charge upon the whole of the revenues of the Corporation for the current year and for
all preceding years, as and when such revenues are received.
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(CORPORATE
SEAL)
3. The Treasurer is hereby authorized and directed to apply in payment of all
sums borrowed as aforesaid, together with interest thereon, all of the moneys hereafter
collected or received, either on account or realized in respect of the taxes levied for the
current year and preceding years, or from any other source, which may lawfully be
applied for such purpose.
PASSED this..../
day of...
Dated this..... / .y f' *-4/ . day of
As witness the seal
of the Corporation
(CORPORATE (THE BEAD OF T11E COR ATION)
SEAL)
We hereby certify that the foregoin is true copy By -law No.... 8 .. .•
of the Corporation of the `��~�"'"' of
in the Province of Ontario, duly passed at a meeting of the Council of the said Corpora-
tion duly held, and that the said By -law is in full force and effect.
.19Th.
(TILE HEAD OF THE RPORATION)
CLERK
19. 60
CLERK