HomeMy WebLinkAboutKIN1933-1100 Borrowing to Meet Expenditures
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L.F.1O Rev. 30th June. 1933.
On"
Municipal By.lIW for Cumn!
Expendllu....
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Municipality of....,,~....~..~........,......,....
1100
BY-LAW No..,,,,,,.......,,,,,,.,,,....;,,,,,..,,...,,,.,...,,., ".."..",........,.." ""
11.000.00
A BY-LAW to authorize the borrowing of $'I&"....."",,,...,,..,,.,,.........,...................,,....,...q
WHEREAS the Council of the Corporation deems It necesaary to borrow the sum of
...... !We1Ye Iboaa-.A ~lln~ ..........
."... "" ,,,.......,,........ ".."" '....... .",....,.." "...., ""..... ",...,.,....,., .."..,."....,.., ,".. ".. ".. ""..",,,,....,... ".." .,,'.., ",dollars
j , to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
AND WHEREAS the tolal amount of the estimated revenues of the Corporation as set
\ forth In the estimates adopted for the year 1~.." not Including revenues derivable or derived
'IHBbIT ~ 'thnucm4
:~.aT~: '=:::~ from arrears of taxes, borrOWings and Issues of debentures Is ."..;...........""..."...............",....,..".."...
.."n... lot'" tm ,,,....
:~~, d:l'rr':~ ':.~......,'~~"'~"'~~~~~,,~,~,;";,~,~,~,~..,~,~,~.~.;..~,~,~,~,~!,~.~.!~,~l,~dollars.
Of . )'Ur.
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AND WHEREAS the tolal amount heretofore authorized to be borrowed this year for
~~rE:"~~~r::; the purposes mentioned In subsection (1) of Section 334 of The Municipal Act ls.......~~.."..
::,uwc.) _d
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borrowed a tolal o~....,,,..,,,,........,...,,..,,.,..,,..,.,...,,!!.. ,..............,,",'!'!,~~~.!".~~~.~.....,..,dollars.
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THEREFORE the Council of the Corporation of the......."..."~...",.."".........".."...,,..
of ,.....,..,"~,~,~,~,..."..~~,~"::~.!.~!,~,,,.,hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
sums not exceeding In the aggregate....."..~..~~",.......,.,..............,,,........
....,!.!..!,!,~.~,!.!..!,~,~.~,~,.!~,~,~,~,~..~,~,~.~,~,~,~elien to meet, until the taxes are collected, the
current expenditures of the Corporation for the year, Including the amounts required for the
purposes mentioned in subsection (1) of the said Section 334, and to give, on behalf of the Cor-
poration, to the Bank a promissory note or notes, sealed with the corporate seal an.:! signed by
them for the moneys so borrowed with Interest at a rate not exceeding,..Sjz,.......,:per centum
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per annum, which may be paid In advance or otherwise.
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Soo. 334
,...nlctld
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2. All sums borrowed from the said Bank, for any or all of the purposes mentioned In the
said Section 334, shall, with Interest thereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
3. The Treasurer is hereby authorized and directed to apply In payment of all sums
borrowod pursuant to the authority of this By-law, as well as all other sums borrowed In this year
and any previous years, from the said Bank for any or all of the purposos menllonsd In the said
Section 334, together with Interest thoreon, all of the moneys hereafter collected or received on
account or realized in respoct of the taxos levied for the current year and preceding yoars and all
of tho moneys collected or received from any other source, which may lawfully be applied for such
purpose,
Passod this....... ..,. ..,........ S.~~!:t.........~. .~.. .. day 0 ,;.... ...~..~..~....9.~.~9.p.~,~".",.".19".i33
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I hereby cert!f~ th~t the foregoing Is a true copy of By-law No..J.lOO..,...., of the Corpora-
tion of........,?:.'?~~...9,~,..~~,~.:!,'~~~,!L.."",....,..ln the Province of Ontario, duly passed at a
I"flQtirp qf t~, CA~nPi! qf 'PI' ~id Corporation duly hold, and that the said By-law is in full
force and effoct.
Dated this.",..". ,!. ,~..~, ~.~, ~~,~....~..~....,...... "..day of.... ..f. .f, ......., .oQto. b.e r. "::'..,...1933,,.
All witness the Seal of
the Corporation.
....."....,.."",,.~~.....,....
C1ort<.
CORPORATE
SEI\L
EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.B.O. 1927.
(1) A council may by by-law either before or &fler the passing of the by-law for Impoa11lO the ratoe for the
current year authorize the head and tl1lA8urer 10 borrow from time to time by way of promissory ROle auch BUms u
the council may dllllm _ary to meal, un III the laX8e are collected, the current oxpendllul1l8 of lho corporation
for the yoar, Including tho amounta required for IlnklllO fund, principal and 'nlel1l8t falling due within tho year upon
any debt 01 the corporalion, school purposes, lpoelal ratoe pur~, and for any board, commission or body and
other purpoaos for which the corporallon Is required by law to provide.
(2) The amounl which may be borrowed In any year for tho pur~ menlloned In subsection 1 ahall nol,
excepl with tho approval of tho Ontario Municipal Board, exceed IOvonty per oenlum of the loW amounl of the
OIt1mal8d revenuoa or the cor!",ralion U !lO1 forth In tho 8Ilimatoe adoplDd for the year.
(3) Unlll ..,.ch ""1114\88 ... adQplDd, lhe limitation upon borrowing pl1llCrlbod by lubeecllo<1 2 ahalllern-
porarlly be calculated upon lho 8Ilimated revenuoa of tho corpora lion u .1 forth In the OItlmatoe adopted for the
nexl pl1lCllding year.
(4) For the purpoaos ofsubsocliona 2 and 3 81l1mated revenu8lshall nollnclude revenuoa, derivable or derived
from arrea... or Iaxoa, borrowings and IlIuoa of debenlul1l8.
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~ or all of the purposes mentioned In the
a upon the whole of the revenues of the
years, as and when such revenues are
'cted to apply In payment of all sums
I as all other sums borrowed In this year
II of the purposes mentioned In the said
lneys hereafter collected or received on
urrent year and preceding years and all
, which may lawfully be applied for such
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By-law No..J.lOO..,...., of the Corpora-
Province of Ontario, duly passed at a
rd, and that the said By-law is in full
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f.... ..f. .f, ......., ,OQto. b.e r. ..::'..,...1933...
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C1ort<.
1
IPAL ACT R.B.a. 1927.
'g of tho by.law for Imposing the raIM for the
llme by way of promlaeory nota auch sums u
I, tho current oxpendltulllI of tho corporallon
t and Intallllt falling due within tho ~ upon
and for any board, commlaalon or body and
la.
purllC*l mentioned In subooctlon 1 ahaJl not,
....ly per contum of tho tow amount of tho
lplDd for tho )'O&r.
'lOWIng preecrlbod by lubeocllo<1 2 ahaJl tarn-
u oat forth In tho ..tlmalM odoplDd for tho
.
,hall not Include rewnuoa, dorl.lbll or derlwd
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BAN K OF MONTREAL
orn.1tI AIlDINE-.:....ON'J!.."",......BranclI
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BY-LAW
Au thorizi ng the
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Borrowing of $....,;1:.?,.:Q9,9,~9.Q............................"..,
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For Current Expenditures for 19........
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BY ~LAW N~. ,},~~9...................
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MUNICIPAL CORPORATION
OF, ,
TOWN OF
KINOARDnlE
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Ootober i)th, 933
Dated ................................"..........,.....................................1 ,....".
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L. F. Sll Rev. 30th Juno, 1933,
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933
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