HomeMy WebLinkAboutKIN1932-1078 Borrowing to Meet Expenditures
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BY~LAW N~.../I..J!::;'.:':..,,:. .
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A BY-LAW to authorIze the Head and Treasurer of t~e }lorPo/.!tlon of
the """",71h1111- Of-t~e.dIUJ{..E-
to borrow certaIn eums to meet the current expenditures of the Corpora-
tion for the year.
!elm or
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I to meet the coat of the aid
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to meet,':';ift taxee are collected, the curre~ituree of the Corporation for the year;
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Iln from the Bank or Montreal
, represented by a promlllOrY
lie !l.'houa8D4
OO1pleUon thereof.
al and eloned on behalf or the
obtained under the outhority
Int or or repreoenUno the aid
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. . "AND WHEREAS the amount heretofore borrowed by the Corporation (If any) for the pur-
poses aforesaid together with the amount hereby authorized' to be borrowed 'does' not exceed
the amount which may be laWfully borrowed under Section 334 of the MunlclpaJA~ Chapter 233
Revised Statutes of Ontario, 1927, and Amending Acts;
BE IT THEREFORE ENACTED by the saId Council as follows:
pply flrat In poyment or euch
he Corporation to repay euch
properly oppllcable to the coot
I, The Head and Treasurer of the CorporatIon are hereby authorized to borrow In one
or more eums; by promIssory note, by way of overdraft or otherw e and at such rate or rates of
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to meet, ::.r::riaxes are collected, the curren~=;tures or the Corporation for the year,
Including the amounta for Sinking fund, prIncipal and Interest f.lllng due within the year upon
any debt of the Corporation, school purposes, special rates purposes and for meeting the require.
menta of any board, commlsalon or body and other purposes for which the Corporation is requIred
by law to provide.
2. A promissory noto or notes or other forms of Igreement or the Corporation elgned
by the Head and Treasurer and sealed with the seal of the Corporation, for the amounts from time
to time borrowed under the authority hereof and Interest thereon may be given to the Bank
from time to time as eecurlty for such loans.
3. The Treasurer Is hereby authorized and directed to apply In payment of the money
borrowed as aforesaid, together with Interest thereon, all of the moneys now or hereafter collected
h or received on account or realized In respect of the taxes levIed for the current year and previous
yeare and all of the moneys collected or received from other sources, whIch may laWfully be
applied for such purpose.
4. All of the taxes levIed or to be levied for the current year and prevIous years and all
other revenues of the Corporation, which may laWfully be charged for such purpose, are hereby
charged with repayment of the sums so borrowed.
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r the Municipal Corporation or
y of November 19:12
umbeB 106'1-1058-
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"nve and one-half per oent per azlJ1um and shall be made payable
within twenty yeare on the 1nshlment plo.n..an4 in settl1118 the sum
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6, The Head and Treasurer of the Corporation lire hereby authorized to execute on
behalf or the Corporation under the Corporate Seal and deliver to the Bank an agreement charging
the taxes and revenues above charged with repayment of the sums 80 borrowed.
Passed by the said Council thi;"" ~. ~J/;-d~y of"":JIthl ~19 J"Y'
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I certify that the fOre~g Is a true copy :':BY-lawP::d b~.e ~OU;'CI~Of ;he _~U~i:....
ciPal;:i~~~n,~FJ~ -T#{I'HM _ ~ .~,
onthe ~ ,,'f(Wf~daYOf vrhttu~ ,,19)Z
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.S,O. 1927
SEC. 334 (1) A council may by by-law either before 0' afte, the polling of the by-law for imposino ths rates for tho ourront year
authorize tho hoad and treasurer to borrow such aums as the council may deem noceaaary to meet until the taxes are
collllOtad the current expenditures of the Corporation for the year, includino tho amounts ror sinklno rund, principal end
Interest falllno due within lhe year upon any debt of the Corporal1011, achool purpoaea, apeoial ratee purpoaea and for
meoUnD the requirementa of any board, commillion or body and othor purpoaea for which the Corpora\lon Is required
by law to provldo. ' ,
(2) Tho amount 80 borrowed shall not excead soventy pe, centum or the total amount ollherevenues 01 the Corporation
of the pr8Cedino yea" exclusive of moneys borrowsd and of proceods dsrived from the aale 01 debentur8ll In that yea,.
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N,B.- Tho attachod aoreement muat be executed.
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AGREEMENT CHARGING REVENUES
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Th2,.99'jP~ra~on oj t'J,r " ~
" of ~ e4A'1LLI.-tL ' for valuable consideration agrees with the
Bank of Montreal that all of the taxes levied or to be levied for the current year and previous
years and all other revenues of the Corporation, which may lawfully be charged for such purpose,
shalf be and tile aame are hereby charged with repayment of the sums borrowed by the Corpor-
ation from the Bank of 'Montreal under the By-law copy of which Is attached hereto.
, Oatedth~ j;~_-ttJJ,-daYOf ~~- 1931-
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"imposino tho rates lor tho ourront year
"n......ry to meet until the tues are
amounts ror sinklno rund. principal end
urpoaea. epeela. raw purpoaea and lor
's for which the Corpora\lon II required
,ount ollhorevenues or the Corporation
lm tho sale 01 debentures In that year.
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one- per oent })Bf amlum and ehaU b. made payable
within twenty yUX's on the 1nBhlment Plan.. and 1n Bettl1ng the
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Authorizing the
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Borrowing of $..2I.J.SJ)A.~Jl.............................
'For Current Expenditures for 19,J.:1
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BY -LAW No.....L.~..7"
MUNICIPAL CORPORATION
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"tivo and one-halt per oen", POI' annum and 8hall be made payable
"i'thin innt:.? ;years on the 1neblmeni p1an.land in settl1118 tho eum
L r. U Rw. 25th Aor11t 1132