HomeMy WebLinkAboutKIN1933-1085 Borrowing to Meet Expenditures
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L.r.1I Rov. 25th Ap,II, 1932
Ont.
Municipal By-law for Currenl
Expenditure&.
RaI21 I'Itntod In lionodI.
BY.LAW NO.....l9..,t..J..,~,....... '
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A BY-LAW to authorize the Head and Treasurer of the Corporation of
the TOWN of KINOJ..RDnlE
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
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to meet. until the taxes are collectod. the current expenditures of the CorporaUon for the year;
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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 auihorized to be borro~ed does not exceed
the 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 u 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
Interest as they msy approve. from the Bank of Montreal, hereinafter called the Bank. the sum
of.... ........ .~.~~l...~.9.:t;~~~.~.!..!..~ ..~.....~..~. .~..~..~.~ ..... !..!..t ,t......~. ~..~..~. ....~ .... .:..:. .~.....~..~..:..~.. .:.~.~.... 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 inte.rest 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. commlsaion or body and other purposes for which trie 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 ssaled 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 u 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 collectsd
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 sourcos, 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 hsreby
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 under the Corporate Seal and deliver to the Bank an agreement charging
the taxes and revenuos above chargod with repayment of the sums so borrowed.
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Passed by the said Council this
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a
Th1rd
day of J anullry
1933
of
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I certify that the foregoing Is a true copy of a By-law passed by the Council of the Munl.
Town 'of K1nollrd1ne'
clpal Corporation of the .
on the
Thir4
, Jnhull1'1
19 aa
day of
,
G
....................,...~tIt...........
, Clerk,
-_OJ
N.B,- The attached agreement mUlt be oxecuted.
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.S,O. 1927
SEC. 334 (1) A council "",y by by-llw either before or after tho paulng of lI1e by-law for 1"",,",lng the raIoa for 1110 current yoar
authorlzo the hood and troaaurer to berrow auch auml u the council may doom IlOC8UIl)' to meet unUl 1110 Iaxn ar~
collected lI1e current exponditurel of the Corporation for the yoar, Including lI1e amounta for linking fund, principal and
Interell falling due wlll1ln the yoar upon any debt of lI1e Corporation, lIChoo/ purpolOl, apoclal ratn PUrpoHl and for
meeting tho Illqulrementa of any board, oommlulon or body end other PUrpolOl for which the Corporation II roqul~
by Ilw to provide,
(2) The amount 10 borrowed Ihall not excoed I8ven!y por centum of lI1e total amount of the revonu81 oIlI1e Corporation
of the preceding yoar, oxclullvo or moneyo borrowed and 01 procooda derived from the a.Ie of dlbenturel In that yoar.
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~y authorized to execute on
Bank an agreement charging
la 80 borrowed.
Janunry
1933
7
I by the Council of the Muni.
K1nonrd1ne'
lnry
19 aa
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1t:lJM:1.Vl...........
Clerk,
I. ACT R.S,O. 1927
I ~~~: ImpOsing tho raIoo for tho current year
IlOCNUl)' to moot unlll tho tax '
:u~~o amounts for Ilnklna fund, Prlnclpa~ :~~
. PUrpoIOI, opecll' rat.. pu
Dr purpoaoa for which th Co ~ and for
I rporation II requl~
hi total amount of th
derived fmll th 0 re..nu.. of thl Corporation
o a.Ie of dlbonturel In that year.
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AGREEMENT CHARGING REVENUES
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The Corporation of the'. · . , Town -. · . , , .
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of ' . _ .. .nnonTd11ie'" tbf 'Vllluable con81deratlon agree8 with the
Bank of Montreal that all of the taxe8 levied or to be levied for the current year and prevlou8
years 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 Bank of Montreal under the By-law copy of which is attached hereto.
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. Dated the
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BANK OF MONTREAL
Y. _ Ik~A "'", /
"',......lUU#U~,."..(k,{,!.r.,.,.,Branch
BY.LAW
. ,thOrlztng the' .
Borrowing of $jJ.41l.PI.l,~..!!.,~..............."........, .
For Current Expenditures for 19.J1
. BY.LAW No.ll..(i:-'\
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MUNICIPAL CORPO~tl~N
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