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HomeMy WebLinkAboutBRU 55 719 Borrowing By-law•Refer to the aqm• eta for the current year U adopted; II not, to those of last Yew. ONTARIO PASSED this (Corporate Seal) (Corporate Seal) MUNICIPAL CORPORATIONS — BORROWING BY -LA • the p✓ ' // of Corporation ") deems it neces9ary to borrow the are collected, the current expenditures of the \'VgEREAS the Council of the Corporation of K7i., �ts�� (herein called "the sum of $ "7 to meet, until the taxes � -h \ 7/ Corporation for the year; AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in the estimates adopted for the year 19 , not including revenues derivable or derived from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from the sale of assets is S ; AND WHEREAS the total amount heretofore authorized to be borrowed this year for the pur- poses mentioned in subsection (1) of Section 341 of the Municipal Act is $ , of which the Corporation has already borrowed a total of $ 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 "the Bank ") a sum or sums not exceeding in the aggregate hereunder Dollars (3 ) 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 so borrowed with interest (which may be paid in advance or otherwise) at a rate not exceeding per centum per annum. 2. All or any sums borrowed pursuant to the authority of this By -law as well as all other sums harrowed 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 sums 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 from any other source, which may lawfully be applied for such purpose. day of / 1)41-4:41 The ll the arporatiOn Clerk We hereby certify that the foregoing is a true copy of a by -law of the Corporation of the of 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 aan effect. Given under our hands and seal of the Corporation this > tnw/t day of , o✓Ly 19S S the Curporetbu Clerk 1•R 4950 in 266 1