HomeMy WebLinkAboutKIN1924-875 orrowing By-law to meet current expenditures1 #
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L.I. 10 -Ray. 16th January 1923
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O NTARIO
ONTARIO MUNICIPAL BY-LAW
FOR CURRRNT RRP9NDITURR.
coluraIDATRD MUNICIPAL ACT, 1922.
COx9nLIDATFB M UNICIPAL ACT I1122
BY -LAW No..( A
This form may IK
adopted to } ru9aRAS the taxe Irviel or to be levied for the current ordlnaexpenditure of the Corporation of the
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for twrror� no to ,NiL� of sLKt�i fort he year l9 grave not been collected, and there is or
meet the current ou
ordinary expend,- will be payable in respect of such taxes a sum sufficient to authorize the borrowing hereinafter providalfor.
patchy In omrin' u Nut s the Council of the said Corporation deems it accessary to borrow the sum of
dollars to meet the now current ordinary expenditure of the
wl' Corpx)ntion, and it is expedient to aut the borrowing of the said sum upolhe credit of the Corporation;
(Olnrrt amount of AND WiRtR9 9 the ordinary X1 it liture of the Municipality for the year 197 as the sum of (1)
tsar Ye+i a onllnar)' eyA � Qk// L /_ / / .r
AIR) %WV RRR dollars. {/{e a / I /µ -11 r-
AN no four has been borrowed (it nOW O tllflnlhag In regxect I any borrowing to meet the
current ordinary expenditure of the Corporation for the present year, except (2)
(2) Here lute other 119 IT TIt9RRF0 ACTRDby the Municipal Council of the Corporation of the of
: mounts. II any. I
:tear twrmrrd. yE% as follows:
and from whom.
1. The I I ad or Acting Head for the time Lein{{,•., with the Treasurer of the said Corporation is hereby author.
izcd to borrow in one or more sums, as the same may Oe required, from the Bank Mqntreal herein4fer called the
Hank, n, unt t exc � eerlyrg
in the agg the said still, of L`j{/6_L(�
x/44.4 dollars, being the amount which the said Council deems oases ry If Ret the now
current ordinary expenditure of the &aid Corloration until such time as the: taxes levied or to be levied therefor can
be collected. I
2. The Head or the Acting (lead of the said Corporation, with the Treasurer aforesaid, shall have authority
to pay or allow the said bank interest on the said leas so borrowed at such rate or rates as may be from time to
time agreed upon, which interest may be payahle in advance, and may be deducted from the amounts so to he
borrowed, and may also if they see fn grant surh promissory notes, covenants, agreements or other vouchers of the
Corporation as may be requireal by the flank to be given air security therefor,
3. Any Promissory Note or Notes, convenants, agreements, or other vouchers which may be so given, may be
sealed with the Corporate Seal, and signed on behalf of the Corporation by the Ilead or Acting Head and Treasurer
thereof, and duly executed and delivered to the flank, and said note or notes, covenants, agreements, or other
vouchers, bhall obligate the Cororation to repay all or any of the said sums an to be borrowed, together with interest j
thereon as aforesaid, at such times as may be agreed upon.
4. If the amounts to be paid by virtue of any such note or notes, covenants, agreements or other vouchers
shall not have been fully paid at maturity, any further note or notes, covenants, agreements or other vouchers, may
to executed as aforesaid on behalf of the Corporation and delivered to the flank by way of renewal of the said
obligations in whole or in part, and shall obligate the Corporation to repay the same with interest, if any, in accordance
with their respective terms.
h. The Treasurer is hereby authorized and directed to apply so much of the said laxa6D to be collected an
may be necessary in payment of the obligations of the Corporation created as aforesto .
Read a fiat nd and third ti e, and passed in open Council this
day of 19 2• T
(R) Mayor. It,,". 20 1111114 sat the corporate Sral of the Corporation and the signatures of the (3)
or other Brad or and Clerk Ihereof.
Aetlocllf Had of
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l ergy thaj thratnldod R u a true cu y o a Ilyd.aw passed by the Council of the Muni I Corporation
of th 4150 !rG an the A�/ � day of
/ Albtn under my the s ada toy said orporation at 19,.E
this 111 Y
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Clerk.
Non. —No prondasory ,'uta or other undrrt. tins to be atvvu t -in lime to time hereunder maybe fora ter sum shun ss9
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