HomeMy WebLinkAboutKIN1934-1113 Borrowing to Meet Expenditures
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LF.lO Rov. 30lh Juno, 1933.
Onto
Municipal By-law for Current
Expenditures.
30404 Printed In CaMdL
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Municipality of.....tQ.q."Ql".~mm".,.".......,.......
BY.LAW No.."..,,,.....,:I:~~.,,.,,,,....,,.....,,.....," ....,..........,........
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A BY.LAW to authorize the borrowing of $."Cia..1500..00".."""...".""..".."...........
WH EREAS the Collncll of the Cor~oratlon deems It necessary to borrow the sum of
~~t.~1.'...~.t,..n~W..I,~Y.I..Ilma4~.4...,..........."..,.,...,...,..OO/lOO........dollal'8
to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
AN D WH EREAS the total amount of the estimated revenues of the Corporation as set
forth In the estimates adopted for the year 19...~~ not Includ~ren . der a:Sd u J ~
;~.aTS: I~~~ ITI 1'8 tax rowlnal and Issues of debentures Is ...".. ....... ~
NwnUOl lor the ~ A~ '0
~~III~~ '~ _.............................,.....................,....~.~,::.:,.~,.~..~.:..~..~.,~..:..~.~.~. ~..~..:..~..:.:..:.,~..:....~..~.~~(~~~.....,.dollars.- "'...
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AND WHEREAS the total amount here~f9re authorized to be borrowed this year for
~u~lE:.,'~~ro,:;; the purposes mentioned In subsection (1) of Secii~ 334 of The Municipal Act Is........Jift:v.....
btLaw(o) .-
Uo )Nt. ~~....~~.~...~~.!.~,..~~.~,~~~....Q9./~QQllal'8, of which the Corporation has already
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borrowed a total of.... ..............,............ ..... ....., ..... ..... ... ..... .........." ......................... "."....""..,. "doll ani.
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THEREFORE the Council of the Corporation of the.".""..,.u."....!OIN."...,........".....
of ..................lI......mlOA!IDIHI.........................hereby enacts es follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to
or
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borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
he
sums not exceoding in the aggregate."........u........r1ftiY...!h:tee...!hOuaan4.,,'iv.........
~.~~.~.~,~.~"~,,~,,~.~,~.~..~..~.~,~/~~~,,....dollars to meet, until the taxes are collected, the
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by
current expenditures of the Corporation for the year, including the amounts required for the
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purposes mentioned in subseclion (1) of the said See lion 334, and to give, on behalf of the Cor-
borrowed
~e~to~fore
rights
poralion, to the Bank a promIssory note or notes, sealed with the corporate seal and signed by
them for tho moneys so borrowed with Interest at a rate not excceding".........t!t......per centum
per annum, which may be paid in advance or otherwise.
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See. 334
,...n.01l11
1m.
Current
borrowlng:e
limit upon
barrowln",
TempOf3.ry
'rPlicallon
o .UmItOl
0' Pfoctdlng
....
Eacl~lon
'rom.Umlted
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2. AII8ums borrowed from the 8ald Bank, fo'r any or all of the purposes mentioned In the
said Section 334, 8hall, with Interest thereon, be a charge upon the whole of the revenues of the
Corporatl(ln for the current year and for all preceding yeal8, as and when 8uch revenues are
received.
3. The Treasurer Is hereby authorized and directed to apply In payment of all 8ums
borrowed pUllluant to the authority of this By-law, as well as all other 8Ums borrowed In thle year
and any previous yealll, from the said Bank for any or all of the purp0868 mentioned In the eald
Section 334, together with Interost thereon, all of the moneys hereafter collected or received on
account or realized In respect of the taxes levied for the current year and preceding yeal8 and all
of the moneys collected or received from any other source, which may laWfully be applied for such
purpose.
'. hereby certify that the foregoing Ie a true copy of By-law No.""",,~~~. of the Corpora-
tion of...""...."".!OIH",o!,,,.EINOJ.lU)IHI,,...1n the Province of Ontario, duly passed at a
meetlno of the Council of the eald Corporation duly held, and that the said By-law Ie In full
force and effect.
Dated thle",,,... ,,,,,Seoolld,,...,,,,,,,,.,,,,,.,,,day of,,,,,,,,..,,,,,Januar:v:,,,,,..,,,1!54,,,..
As wltn088 the Seal of
the Corporation.
",."..."''''''',,....d1~........
c-....
CORPORATE
SEAL
EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.S.O. 11m.
(1) A council may by by-law elthor bolore or aflDr tho passing of tho by-law lor Imposing tho raloa for tho
currunt year authorlm tho haad and truasulllr to borrow lrum time to time by way 01 promlaoory note ,uch ilUma as
tho council may doom .-aary to moot, until tho tax.. III1l colleclDd, tho current e.pondltunlll 01 tho corporation
lor the yoar,lncludlng the amounts requlrud lortlnklng fund, principal and InlDnllIt failing duo within the year upon
any dobt 01 tho corporation, school purposes, .peclal raloa pur""""" and lor ,ny board, commlAlon Dr body. and
other purposoo for which tho corporation II required by law to provide. .
(2) The amount which may be borrowod In any year lor tho purposes mentioned In lub8octlon 1 .half n~."
e.""pt.wlth the Ipproval 01 the Ontario Municipal Board, o.coed IOventy por ""ntum 01 the toW amount of tho
oatlmalAld ruvenUflll 01 tho corporation as lOt lorth In tho oatlmaloa adopllld for tho year.
(3) Until ,uch oatlmalBt aru adopllld, lho limitation upon borrowing pnlllCrlbod by lub8octlon 2 ,haIllDm-
porarlly be calculalAld upon tho oatlmaled ruvenuoa of tho corporation as lOt forth In tho ..tlmaloa adoplod for tho
next prucodlno year.
(4) For tho purposes olaub8octlolll 2 and 3 estlmalDd revenuo..hAlI not Include ruwnUBS, dorlvable Dr derived
lrom arruara of !axel, borrowlnga and IssUOl of debentul'Ol.
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BAN K OF MONTREAL
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BY-LAW U13
Authorizing the
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63 500.00
Borrowing of $"".......................................................""
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For Current EXpenditures for 19........
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BY-LAW No. .""""~........,,.
MUNICIPAL CORPORATION
OF
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!OWN 01 KINOAllDINJ:
nor
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tre-to-fore
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Dated ........,. ."..."JAHtIABI....lL........................19". 54
L. F.lD Rev, 30th Juno, 1933.
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