HomeMy WebLinkAboutBRU 56 732 Borrowing By-lawONTARIO
MUNICIPAL CORPORATIONS — BORR OWING BY -LAW # 73a2,
1VHE1 AS the Council of the Corporation of the
F of
,. (herein called "the Corporation ") deems it necessary to borrow the
sum of $ 70,1 to meet, until the taxes are collected, the current expenditures of the
Corporation for the year;
'Meier to *AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth
The n 't m- in the estitnates adopted for the year 19 , not including revenues derivable or derived from the sale
re�t of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
year s fro
11 not m the sale of assets is S
If not, to
those of
'" "' "`• 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 S
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 front THE ROYAI. BANK 09 CAN C A (here; called
"the Bank ") a sum or sums not exceeding in the aggregate hereunder t o mce , unfit t he taxes
Dollars ($ 7 DoO.) d'
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
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 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 he applied for such purpose.
PASSED this
(Corporate Seal)
n We hereby rtify 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 tit said Corpor. ton u y eld, and that the said By -law is in full force and eflet.
Given under our hands and seal of the Corporation this
day of , 195th,
(Corporate Seal)
The Hay the Corporation
Clerk
•il
ONTARIO
PASSED this
(Corporate Scal)
(Corporate Scal)
MUNICIPAL CORPORATIONS — BORROWING BY -LAIN
WHEREAS the Council of the Corporation of the of
(herein called "the Corporation ") deems it necessary to borrow the
sum of $ to meet, until the taxes are collected, the current expenditures of the
Corporation for the year;
*Refer to AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth
"tenth"' in the estimates adopted for the year 19 , not including revenues derivable or derived from the sale
n rent of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
'f ° from the sale of assets is $
11 not, • n ,1
to
those of
hut year. 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 TIIE ROYAL BANK OF CANADA (herein called
"the Bank ") a sum or sums not exceeding in the aggregate hereunder
Dollars ($ ) 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
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 sums bor-
r rowed as aforesaid, together with interest thereon, all or any of the moneys hereafter collected or
1 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 a 19 .
Given under our hands and seal of the Corporation this
day of 19 .
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 and effect.
The 11gt4 of the Corpontlon
Ckr
LE Of (1.52)
280
It