HomeMy WebLinkAboutKIN1932-1082 Borrowing to Meet Expenditures
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L.I'.SI Rev. 2IIth April, 1932 ' - :-'. """, ' ,'-- , "l'
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BY-LAW No..........l082............
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A BY-LAW to authorize the Head and Treasurer of the Corporation of
the Town of Kincardine
to borrow certain sums to meet the current expenditures of the Corpora-
tion for the year.
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'. 'WHEREAS the Council of the Corporation deems It necessary to borrow the sum of
...'l',w,en.ty, ::',II,1n,e..,'l',hll:U.Q I!.nll. ,..F. .tv,e...J:l:u Jl9.r,Il~:::,7,::,.::,,::::::::::.,::,,::,::,::.::::,,::,::,::::::.:::..dollare
to me.et, u'!tll the taxes are collected, the current expenditures of the CorporaUon for the year;
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
~he amount which may be lawfully borrowed under Section 334 of the Municipal Act, Chapter 233
Revised Statutes of Ontario, 1927, and Amending Acts;
BE IT THEREFORE ENACTED by the said Council as follows:
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1. The Head and Treasurer of the Corporation are hereby authorized to borrow in one
or more sums, by promlnory note, by way of overdraft or otherwise and at such rate or rates of
Interest as they may approve, from the Bank of Montreal, hereinafter called the Bank, the sum
of ......T:w.el1t.)',::Xl,lne.",T.h,OuG,a,gd.,~...l!'.1,y.e, ,.Hundr ed::,:::,::::::::::,,::,::,::,:::~..~,::.:::::,::,::::., dollars
to meet, until the taxes are collected, the current expenditures of the Corporation for the year,
Including the amounts for sinking fund, principal and Interest falling due within the year upon
any debt of the Corporation, school purposes, special rates purposes and for meeting the require-
ments of any board, commission or body and other purposes for which the Corporation is required
by law to provide.
2. A promlnory note or notes or other forms of agreement of the Corporation signed
by the Head and Treasurer and sealed wtth ~he seal of the Corporation, for the amounts from time
.
to time borrowed under the authority .reof and Interest thereon may be given to the Bank
from time to time as security for such I.ae.'ns.
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" 3. The Treasurer is hereby authllrlzed and directed to apply In payment of the money
borrowed as aforesaid, together with Inte~est thereon, all of the moneys now or hereafter collected
or received on B.ccount or realized In restect of the taxes levied for the current year and previous
yeare i.~d all of the moneys collected ~r received from other sources, which may lawfully be
applied for such purpose.
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I ; 4. A!I, of the taxes levied or to ti. levied for the current year and previous years and all
other;revenu,e,s of the Corporation, which may lawfully be chat'fled for such purpose, are hereby
charged with repayment of the sums 80 borrowed. ·
5. The Council of t~ said Corpor~tion hereby confirms the
borrowing ot all sums borrowed for current e~penditure8 from the
Bank of Montreal in e~ceBslof amounts heretofore authorized to be
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to borrow the eame had been given by by-law of Baid council at the
proper time or times.
5.1i The Head and Treasurer of the Corporation are hereby authorIzed to execute on
behalf of 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 so borrowed,
Passed by tho said Council this
Second
day of December
1932.
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I certify that the foregoing Is a true copy of a By-law passed by tho Council or the Munl-
clpal Corporation of the
of
Kincardine
Town
on the
'Second
day of
December
1932.
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(Bgnd) W. Butler
...............................................................Cie;k:
N,B.- The attached agreement must be executod.
EXTRACTS fROM THE ONTARIO MUNICIPAL ArrT R.S.O. 1!l27
SEC. 334 (1) A council may by by-Jew either belore or alter the paulng or the ~.Iaw ror Impaling the ratea lor the current year
authorize the head and treaaurer to berrow .uch .um.aathe councll may deem neoea&aly to mMt until the tuea are
collectod tho curront expenditurel or the Corporation ror the year, Including the &mOUnb ror .Inklng rund, p,lnclpaland
interetllalllng due withIn the year upon any debt 01 the Corporation, lIChool purpoaea, apeolel ratel purpotM and for
meeting the requlremenb 01 any board, commiulon or body and other purpoeea for whlcll the Corporation Ie required
by law to provide,
(2) The .mount 10 borrowed .hall not exceed .eventy per centum 01 the total amount of the rlvenuea 01 the Corporation
01 the preceding year, exclu.lve of moneYl borrowed and 01 proceeda derived rrom the ale 01 debenturea In that year.
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lement charging
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AGREEMENT CHARGING REVENUES
ISM.
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ler 1932.
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The Corporation of the;, Town
of'~'" ;K1n~~'rdi~e'! ", 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,
shall be and the 8ame are hereby charged with repayment of the 8um8 borrowed by the Corpor-
ation fromJhe Bank of Montreal under the By-law copy of which 18 attached hereto.
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. Dated the
2nd
day of
llecember
1932.
lcll or the Munl-
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1932.
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Treuurer.
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Itler
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poling the ratea for the current year
0NIIly to mMt until the taxes are
unb ror alnklng rund. principal and
tell. special ratea purpoaea and for
r whidl the Corporation Ie required
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It of the ravenuea of the Corporation
the sale of debentures In that year.
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B~N OF MONTREAL
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BY-LAW
Authorizing the
Borrowl~g of $..).,r,J7J..()'tP..~.........................
For Current Expenditures for 1J..1!
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BY -LAW No../Of..y ,
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MUNICIPAL CORPORATION
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