HomeMy WebLinkAboutKIN1929-999 Borrowing to Meet Expenditures'Via. .I
30.5
,,
:ice
�
F-'
Is" vas's ordinary dollars.
emendtture. Ni.Iter O Tho send and 79 ntu-----------------
Anu Wilass" no sum has been borrowed or s nob outstanding In respect of any borrowing to meet the
current ordinary expenditure of the Corporation for the present year, except (2) Tuonb. :
W floor suite other the Municipal Council of the Corporation of the Town
of
amoantw E any. as follows:
alread borrowed, Nivauroine
and from whom' 1. The I lead or Acting Head for the time bring, with the Treasurer of the mid Corporation, is hereby author-
ized to borrow in one or more sums, as the same may be require) from the Bank of hfontreal, hereinafter called the
Bank, an amount not exceeding In the aggregate the mid sum or . P[bn PdeTntl�AfiigQa, brr+iew
dollars, being the amount which the
currelrt7o7rdtn3fy2>! iMrtd1rEd1 the mid Corporation until such time as the taxes levied or to be levied therefor can
be collected.
2. The )Ind or the Acting I lead of the mid Corporation, with the Treasurer aforesaid, shall have authority
to pay or allow the said bank interest on the mid some so borrowed at such rate or rates as may be from time to
time sgreed upon, which intern[ may be payable in advance, and may be deducted from the amounts so to be
bonowtuf, and may alw it they see fit grant each promiemry notes, covenants, agreements or ocher vouchers of the
Corporation ae may be required by the Bank to lK given as security therefor.
J, Any Pramieeory Note or Notes, covenants, agreements, or other vouches which may be sa given maybe
sealed with the Corporate Seal, and signed on behalf of the Corporation by the [lead or Acting (lead and •Ie
or other
r
thereof, and deity executed and delivered to the Bank, and said noto or notes, covenants, egrements, or other
vouchers, shall ohligate the Corporation to repay all or any of the said soma ao to be borrowed, together with interest
thereon as aforesaid, at such times ae may be agreed upon.
4. If the nmounU to be paid by virtue of any such note or sots, covenanrs, agreemenu or
her voucher
shall not have been fully paid at maturity, any further note or notes, covenants, a grcements or other v0uchera, may
be executed as aforesaid on behalf of the Corporation and delivered to the Bank by way of mncwal of the said
obligations in whole or in part, and shall obligate the Corporation tore the same with Intern[, if any, in accordance
with their respective terms.
S. The Treasurer is hereby authorized and directed to apply sd much of the said taxes an to be collected 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 Iyi2ttE
da y of Deptoabor 19 E9
(d) Mayor Reeve, Os Witness the corporate Seal of the Corporation and the signatures of the (3)
a other flood or and Clerk thee,(.
Aetlns Ilead of
Council. i
BML
Clerk.
3 terlifp that the foregoing is a true copy of a By -law passed by the Council rite [pal Corporation
of the on the . Y 'f'
ct ndc 411 UP !!.RR79tA` ell. �+t,� 114
idAPtNRIbhu C rmy fill Id o
;. oftycmAporr io �i�u� l f
� i'
lil��iYLWV da of C P [/
9y
B►t1 �I I''" ''L 4 k.
Noor. No Ihomheory Note or "her undertaking to he given (me, time to [line hereunder nay be for a kss eum lion 85M
L.F. 10
OKr.
ONTARIO MUMCIPAL By -LAw
f
FOR CURRENT ExrENDITURK.
.) CONROLmATEO MUNICIPAL ACT, 1912.
63409 BV -LAW No....
This form may be .WHEREAS the taxes levied or to be levied for the current ordinary ewixnditure of the Corporation of the
( bo to ng
for to forlhe earl9 have not been collected, and there isor
mart iN s[
for I the Cu nt of E(' jl frame y ?Q
TO�, n
t ordinary . ndt• will be payable in respect of such taxes s sum sufficient to authorize the iorrowing hereinafter provided for.
} turf
panttla munid• nonti z AND WIUIREAa the Council of the mid Corporation deems It necessary to borrow the sum of 1
1 Pty
T houRand dollars to meet the now current ordinary expenditure oI tfi!
said Corporation, and It Is expedient to authorize the borrowing of the said sum upon the credit of the Corporation;
(1)10" amount of AND WRaReAs the ordinary expenditure of the Municipality for the year 19 2 8 was the sum of (1)