HomeMy WebLinkAboutBRU 54 709 Borrowing By-lawONTARIO
MUNICIPAL CORPORATIONS — BORROWING BY -LAW -` 707
II WJIEREAS the Council of the Corporation of the township of
- A06 (herein called "the Corporation") deems it necessary to borrow the
sum of 00 1000 • to meet, until the taxes are collected, the current expenditures of the (
Corporation for the year;
•Rexrr to AND WHEREAS the total amouttlI of the estimated revenues of the Corporation as set forth
W. ` ~txm• in the estimates adopted for the year 1!pqt not including revenues derivable or derived from the sale
nee for the
current of assets, borrowings or issq,e of debentures or from a surplus including arrears of taxes and proceeds
year te d; from the sale of assets is $ £U41000 • ;
If not, to
thine of
lad r °r ' AND WHEREAS the total amount heretofore authorized to be borrowed this year for the pur-
poses mentioned in subsection (1) of Section 341 of thgg Municipal Act is $72,800. , of which
the Corporation has already borrowed a total of S I .
THEREFORE THE COUNCIL OF THE CORPORATION 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 ROYAL BANK OF CANADA (herein called
y nI sv a"w eeding in the aggregate h delaa. f
(Pv� ) to meet, until the taxes
are collected, the current expenditures of the Corporation for the year, including the amounts required
for the purposes mentioned in subsection (1) of the said Section 341, 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 4 borrowed with interest (which may be paid in advance
or otherwise) at a rate not exceeding T per centum per annum.
2. All or any sums borrowed pursuant to the authority of this By -law 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 341 shall, with interest thereon, be a charge upon the whole or any part or parts of
the revenues of the Corporation for the current year and for all preceding years, as and when such
revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all or any suns bor.
rowed as aforesaid, together with interest thereon, all or any of the moneys hereafter collected or
received, either on account of or realized in respect of the taxes levied for the current year and
preceding years or frcm any other source, which may lawfully be applied for such purpose.
PASSED this 6th
(Corporate Seal)
(Corporate Seal)
day of January 1954
The Ilead of the Curpnnth,n
Clerk
-
— 4 C--•
Th Itnd of the
N1410 __
t.a 193 (I.,l)
We he mby certify that the foregoing is a true copy of a by -law of the Corporation of the
tin? of21r1101 in the Province of Ontario, 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 7th
of IAX January 1954
Clerk
250
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