HomeMy WebLinkAboutKIN1924-882 Borrowing By-lawt
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Y L.F. Ss —Rev. f sill January 1913
mmmsmemenUIrF. ONTARIO
ONTARIO MUNICIPAL B T -LA
FOR CURRENT EXPENDITURE.
CONSOLIDATED MUNICIPAL ACT, ION.
C MUNICIPAL ACT 1922
BY - LAIN No ... Gap
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10.
This form may he WHEREAS the taxes levied or to be levied for the current ordinary expenditure of the Corporation of the
adopted to rovwe
for borrow as to o f for the year 19 have not been collected, and there is or
meet the current ill le in MTVc 9ni iP0XA r yVa. ,9��� sufficien
ordinary a t to authorize ths�rrowing hereinafter provided �_ � 1
J
cure nary y munlel• munlcl• will 1%9X•� - r� of
minty In Onada. AND WusREAs the Council of the &aid Corporation deems it necessary to borrow the sum of
d
«n st �� dollars to meet the now current ordinary expenllum the
said C.dFf vA it is exlx�tlielt to authorize the borrowing of the will sum upon the credit of the CorporatiA -
(Ulnarrt amuumnf AND WHEREAS the ordinary expenditure of the Municipality for the year 19 was the sum of (1)
last year'r onlinary 2 erl U dollars. '
e:pendilun. ' }{�
p1�+�}♦♦F r1}1s1 tlf119?.�t4r 1941�4�1 tQ31b��1(� r
TIt1t1S'ReRIrAS TO s o t i n respect of any borrowing to meet the
current ordinary expendi orp anon for the presen e � c � ept (2) Tile �(�. ' t_�Y_S° /� 'T`•M � 'pa` Twenty fits that e of (1) Hera rtataother Boo 6*1 t Ic un cr our c or Ad o n of the Of
:=out& It any. Town already borrowed, as follows:
and from whom. yy�"���
1. The Head or ActflfL+tnNmAknAle being, with the Treasurer of the mid Corporation is hereby author•
izel to borrow in one or more aura&, as the same may be repuirrtl, from t he Bank of Montreal, hereinafter called the
Bank, an amount not exceeding in the aggregate the said sum of pityl�l
dollars being the amount which the e.01 a ry to meet the now
current ordinary expenditure of the said Corporation wail such time as the taxes levied or to be levied therefor can
Ire collated.
2. The Head or the Acting (lead of the mid Cogy,ration, with the Treasurer aforesaid, shall have authority
to pay or allow the said bank interest on the mid awns so borrowed at such rate or rates as may be from time to
time agreed upon, which interest array be pryable in advance, and may be deducted from the amounts so to be
harrowed, and may also if they See fit grant such promissory notes, covenants, agreements or other vouchers of the
Corporation as may Ire retpuired by the Bank to be given as cecurity therefor.
3. Any Promissory Note or Notes, ronvenanls, 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 Head or Acting Head and Treasurer
thereof, and duly executed and delivered to the Bank, and Said note or notes, covenants, agreements, or other
vouchers, shall obli gqate the Corporation to repay all or any of the said going so to be borrowed, together with interest
thereon as aforemid, 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 ban fully paid at maturity, any further note or notes, covenants, agreements or other vouchers, may
be executed as aforesaid on bclall of the Corporation and delivered to the Bank by way of renewal of the said
obligations in whole or in part, and shall obligate the Corporation to repay the mine 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 taxes so to be collated as
may be necessary in payment of the obligations of the Corporation created as aforesaid.
Read a first, second and third time, and passed in open Council this First ! `
day A 19 pA
(a) Mayor ho,-v'. Of iMltnhltAx'i } Orate Seal of the Corporation and the signalises of the (3) `
or other limit m and Clerk thereof. 4y0r
Aeuos (lead el
Council.
sR AL
Clerk.
9 Crdjfilh lxe¢oj�Ka ' cr a 11' if.aw ssed by the Council of e Municj Corporation
o he rJ� �'U/ on the day of
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m un y hand ai of the der m and day of c Said orpomtion
this al
aS ae cPw lL;2 �r
seAL A�
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Clark.
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