HomeMy WebLinkAboutKIN1932-1084 Borrowing to Meet Expenditures
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LoP.II Rev. 26th April, 1932
Ont.
Munlolpal By-law ror Current
, Expendlturu.
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BY-LAW No...I0......l./...........
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A BY-LAW to authorize the Head and Treasurer of the Co,rPO.1Uon of '
the -J~- of ~ed~
to borrow certain sums to meet the current expenditures of the Corpora-
tion for the year.:
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to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
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, ' ,AND WHEREAS the amount heretofore borrowed.by the Corporation (If any) for the pur-
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poses aforesaid together with the amount hereby' auttlo'rized to be borrowed does not exceed
'~he amount which may b~ I,a:mully b.orrowedunder,Sel;tlon 334 of,the r.1unlclpal 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 promissory note, by way of overdraft or otherwise and at such rate or rates of
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to meet, until the taxes are collected, the current expenditures of the Corporation for the year,
including the amounta for sinking fund, principal and Interest failing due within the year upon
any debt of the Corporation, echool 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 promissory note or notes or other forms of agreement of the Corporation signed
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 security 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
or received on account or realized in respect of the taxes levied for the current year and previous
years and all of the moneys collected or received from other eoUfC8S, 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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6, The Head and Treasurer of the Corporation are hereby authorized to execute on
behalf of the Corporation undor the Corporate Seal and deliver to the Bank an agreement charging
the taxes and revenues above charged with repayment of the sums eo borrowed,
Passed bythlJsald Council this -l.fl,tud - day~U~'9J1r'
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I certify that the foregoing Is a true copy of a By-law passed by the Council of the Munl-
clpal Corporation of the -J~ - o~~
on the - .Jftltwttr- day of -.t<J ~ -,93.l
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Clerk.
N.B.-The attached ao"",ment muat be executod.
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.B.O. \927
SEe. 334 (\) A counoll may by by-law either before or eftel' the pualllO or the by-law ror ImpoalllO the ram ror the current year
authorize the head and _rat to borrow IUCh aulna U tho council may deem n~ to meet untJl the taxes are
ooIloc:t.d the current .xpenditu.... of the Corporation ror the year, Including the amounte for alnklng fund, principal and
Interest failing due within the year upon any debt or the Corporation, achool pUrpolU, apecial ratea purpoaea and ror
me.tlng the requlremenll or any board, commlaalon or body and other purpolOl ref which the Corporation la required
by law to provide.
(2) The amount eo berrowed ahall not .xco.d aevenly per contum or tho tolll amount of the r.venuea of the Corporation
or the preoeding year, exolualve or monoyl borrowed and or proceeda derived rrom the 88le of debenturea In that year.
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authorized to execute on
Ink an agreement charging
10 borrowed,
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y the Council of the Munl-
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Clerk,
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,CT R.S.O. \927
y.law ror Imposing the ratea ror the current year
ay deem n~ to meet untJl the taxes are
Ino the amounte for alnklng fund, principal and
lChool pUfllOlU. apecial ratea purpoaea and ror
purpoaea ref which the Corporation la required
total amount of the rovenuea of the Corporation
rived r""" the 8llle of debentures In that year.
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AGREEMENT CHARGING REVENUES
,TheCo;prs.tloriOf~1}Il ~;a J~ -
'of ' , 'V~ ~Il/t, ' - 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
yeara and all other revenues of the Corporation, which may lawfully be charged for such purpose,
shall be and the same are hereby charged with repayment of the sums borrowed by the Corpor-
ation from, the ~an.k ~f ~ontreal under the By-law copy of which Is attached hereto.
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'Datedthe-:-Ji'tud- daYOf-(JU~ ~ 19.14
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BANK OF MONTREAL
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BY.LAW
, Authorizing the
Borrowing of $..I2~,'u),:.R.1l.............................
For Current Expendli~rea for 19,1Z
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BY -LAW No..JRt:..;,t ,
MUNICIPAL CORPORATION
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L. ..11 Ro.._ April. 1832
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