HomeMy WebLinkAboutKIN1933-1092 Borrowing to Meet Expenditures
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L....lO Rev. 2Mh April, 1932
On'"
. Municipal By-lew for Current
Expendltum. .
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BY-LAY' ~o.l(tJ.:i,r........,..
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A BY-LAW to au>>;rlze the Head and Treasurer of the Corp~~o~.i'~
the .;~ of ~td~
to borrow certain sums to meet the current expenditures of the Corpora-
tion for the year,
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to :It(:til the taxes are collected, the curre expenditures of the Corpor;:~or 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 authorized to be borrowed does not exceed
the amount which may be lawfully ~orrowed under Section 334 of the Moniclpll Act, Chapter 233
Revised Statutes of Ontario, 1927, and Amending Acta;
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 sun1!l, by 1~:.2S0ry note, by way of overdra or o~~~:.n~~~ such rate or rate,s of
~~~~~e~fl-'.~~a:~:;;Z . ,~, ,~:.~i;Jt,~,~~:..~~:o~~~
to meet,1::t;l~ taxes are collected, the curre 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, 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 Treuurer and sealed with the eeal of the Corporation, for the amounts from time
to time borrowed under the authority hareof and Interest thereon may be given to the Bank
from time to time u security for euch loans.
3, The Treasurer I. hereby authorized and directed to apply In payment 01 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 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 10 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 tho Bank an agreei)lent charging
. the taxes and revenues above charged with repayment of the sums so borrowed.
~tt. day of 1Avahj19J?
Passed by the said Council this
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I certify that tho foregoing ~ true copy of a By-law passed by th: Co~ncil of the Muni-
cipal Corporation o~,. , . ~ jf..,u..//Iik d....li f
on the .JiuIt"" day of 1930'
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N.B.-The attached agreement muat be executed.
EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.S.Q, 1927
SEC. 334 (1) A council may by by-law either b.for. or aH.rthe pasalng of the by-law lor ImpOSing the rat.. lor the current yell
authorize th. head and trea..rer to borrow auch auma as the council may daem nec....ry to m.at until thetIXea are
collected the curr.nt .xpendltures of the Corporation for the year, Including the amountalor .Inking fund, principal r.nd
Intereat failing due within the y.ar upon any debt olth. Corporation, ochool pUrpoael, apeclal ratea purpo..a and lor
m..ting the requlr.m.ntl 01 any bo.rd, commlulon or body and other purpoaea lor which the Corporation la required
by law to provld., .
(2) The amount 10 borrowed ahall notexco.d ..venty per centum or tho total amount 01 the r.v.nu.a olth. Corporation
01 the preceding year, .xclusive 01 mon.y. borrowed and 01 proceedl derived lrom the eal. 01 debentur.. In that year.
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Iby authorized. to execute on
~ Bank an agreei)lent charging
ns so borrowed.
f 1Avahj19J?
':." ". .. A~REE~ENTCH:i'~UES
The Cojpofa}lo~ of thl / ~ . J A I
of ~,1/!/~ 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 char~ed for such purpose,
shall be and the same are hereby charged with ropayment of the sums borrowed by the Corpor-
ation from tho Bank of Montreal under the By-law copy of which is attached hereto.
, Dated'th~ '.. ~: day of J~ttAAf 193$
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d by the Council of the Mimi-
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'L ACT R.S.O, 1927
,e by-law ror ImpOSing Ih. ral.. ror Ih. cu".nly...
II may d..m n.c.....ry 10 m..1 unlll the lax.s ar.
eluding Ih. amounts ror sinking fund, principal r.nd
In, school purpoaet, apeclal ratea purpo..a and for
h.r purpoaes for which lh. Corporation Is required
Ih.lolalamounl Df Ih. r.v.nu.. of Ih. Corporation
I d.riv.d from the ..Ie of d.b.nlur.. In Ihat y..r.
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BY.LAW
. . Authorizing the
Bor~ci~lng :Of, !:....~,~,',~9,Q~",Q9....,.......,..,...........,....
. For Current Expenditures for 19:,f6a
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BY .LAW No..:!:~~.~.;~ I
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