HomeMy WebLinkAboutKIN1931-1032 Borrowing to Meet Expenditures
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OHTAIJO MumclPAL Oy......
.0& CUU&HT ExrallDlTUa&.
CONlOLIDAT1lIl" Mu~t~Ai. Acr, 1922.
63w.l
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By.LAWN_.........,.... .
WRalL\S Ih. ta... levied or 10 be levied lor Ihe currenl ordinary e2,ndllure 01 the Corporation 01 Ih. '
'ala ot ~ lor Ih. yar 19 IQ; have not been collected, and th.r.la or
will be poyable In ....poct 01 .uch taa.. a .um aufficlent 10 authorlelh. borrowlnr horelnaller provided lor.
AND WHK....1 the Council 01 Ih. ..Id Corporation deeml II nOCOlMry 10 borrow Ih. lum 01 _
f'l1't7 1'1,.. 'IsGaInt ,_.. dollarl to meet the now current ordinary .....IIIIl\" 01 Ih. \
aald Corporation. lnd It II expedient 10 IUlhorlze Ih. borrowlnr 01 Ih. aald lum upc>n tha credll 01 Ih. Corporallon; ,
~1ii>Iri....... cir'.c:., :ANil waaluiabe ordllEy expendllura olJ.h. M_unlcl{lolliy lor 1~1",,! I. ,'" IhOlum 01 (I) .
....:r.:..ordlnuy ftft711M'..'1'1 'bin BmIIn4.. asu' " _lIan. '
AIlD \t.a.... no .allllw IlOOIi borrowed or II now oul.tandlnr In Rlpec:t 01 any borrowlnr 10 mect Ih.
cu....nt ordinary expendllur.ol Ihe Corporal Ion lor Ih. pr....t y..r, exceJlt (2)
<~,; j y-- -j/'
Ul Hft.... otbor Da IT ma.UOIB aNACTID by the Municipal Council ol the Corporallon 01 the to. of
__hl8w tI .nr.
alnod, -.... ., '~f._ allollo..:
004 I.... ....... 1. Th. Hea~ lr.aiTTor Ih.Um. belnr, willi tb. Tr..lurer ol tbe..1d Corporation. II hc:reby author-
Ized to borrow In on. or more IUml, lllh. aame may be reqUlred~~WI MOJUI:, ~~~ called th.
Bank, an amount nol .......tIns In Ih. a~l. the laid lum 0 .. 'I'D _
ttn lylV\ dolla.. beIDa Ihumount whle I e aal uno dllOllll n..,..ry to meet thenow
cuM\tt brllllfl1rr"'41ft1N"ll1 the oald (:;;rporatlon until IUch time al lhetu.. levled or to be levied therdor can
be collocled.
2. Th. Head or the Actlnr HOld 01 th.oald Corporation. with the Trealurer aforeaald. ohall have aUlhorlly
10 payor allow the ..Id bank Inter"l on Ih. aald IUml.. borrowed at IUch rale or ral.. II may be Irom tlm. to
tIm. Igreed upon, which Inler..1 may be pay&bl. In advanee. and may be deducted from the amounll 10 10 be
barra.ed. and may allO II they ... fil grant auch prom....ry not.., _enanta, agreemanta or olher vouchoro 01 tha
Corporation aa may he required by Ihe Oank 10 he s1ven allOCUrlty therdor., .
J. Any PromlllOry NOI. or NOI... cov.nantl, agreemenll. or other vouchera wbleh...y be.. iiven may be
_led wilh Ih. Corporal. Seal. and limed on behalf at the Corporallon by Iha HOld 01' Ac:tins Had and Tr...u.....
Ihereor, and duly execuled and delivered 10 Ihe Dank. Ind aald noli or not... covenantal agreemenll, or other
vouch...., .hall oblipte th. Corporation 10 repay all or any 01 Ih. aald IUmllO to be borrowect, torelher wilh inlerClt
thereon.. .rorttaid, at .ucb tima al may be alfftd upon.
4. 1I1h. amounll to be pold br vlrlu. 01 any .ueh not. or not.., covonanta, ......m..1I or olher vouchoro
aball not have been fully paid at matunty. any further note or notes, covenaDtal .~tt or other vouchen, may
be executed II aforeaald on behall 01 ah. Corporation and d.livered 10 lbe Bank by way 01 renewal 01 Ihe aald
obllpllonl in whole or In port. and lhall obllple Ih. Corporation 10 repay Ihalanle wilh int....l.ll any, In accordance
wllh Ihelr r..pec:tlv. term..
5. Th. Tr...urer II hereby aUlhorled and dlrttted 10 apply 10 mucb 01 th.lLid ta..... 10 be collected II
may be nOCOlllry In poymenl 01 Ih. obllplloDI 01 tho COrpotllllon crealed II aloraald.
Read a firat, IOCOnd and Ihlrd lime. and pa-.J In OpeD Counclllhll I --b
~yol 19J .~_
.. .Ua~e corJlBIIWlhe eorpor.il~D IDd the .Imatur.. of Ih. (3)
and Clerk ther..l.
"... .fana mar be
adopl~,~.",._
for nc to
meet. the cunnt
ordl..... _I.
tare of Iny muDJd.
J>OIlt, 10 o.lIrlo,
(.1) M.'"'i/......
.. oc.ber. .... or
Actlna II. 01
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J (trill, lhal lh. lorerolnr II a true copy 01 a By.law pa-.J by Ih. Council fIIlhe Mllnlc:lpol Corporation
01 lh. !oa ot1;tSUIZ'IUBa on Ihe JSftb day at
"'I 8litndor my hand and th....1 01 Ih. oald'Corporatlon at lr4..-..as.
thll a1ztb day 01 J-J<q IIX
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........,.....~f1........
Clark.
NoC&-NCl ~ Note or otbet uftdertaklq: to be ..~ ff'Oll,. tba. to t.lmt......., ilia, be for. '- Ill. Wa uo.
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