HomeMy WebLinkAboutKIN1934-1116 Borrowing to Meet Expenditures
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L.F.III Rov. 30th Juno, 1933.
Onto , _ h \.
Munlclpa' By-law for Current
Expondlluroa.
3040t PMted In Canida.
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Municipality of.". ".""X17rd1ne ,,,,Ont..,, "."... ",,"
BY-LAW No..".../I.l:../f'..........."........."....,...............,,,.......
A BY-LAW to authorize the borrowing of $.10,0.00......."".."..........".....""
WHEREAS the Council of the Corporation deems It necessary to borrow the sum of
:.:':'.~.~ .~T.fJ,n...:rl1.o.lJ.a.~1.l~::': :':'.~. ~.~.~:':.~.~. ~.~.~:':'. ~.~.':': .~.~,~.~. ~ ::: .~:.:':'.77.~ ,~::".:':'. 77. 77.~ .~. .~. ~.~~ ...dollars
to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
AN 0 WH EREAS the total amount of the estimated revenues of the Corporation as set
forth in the estimates adopted for the year 193,3"./ not Including revenues derivable or derived
.NOT..E: .-. .......d from arrears of taxes, borrowings and issues of debentures is ....$.~3..6.22................... ...............
Gunl _ tnII
rI",nlMl for the
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or I. )'NI'.
AN 0 WH EREAS the total amount heretofore authorized to be borrowed this year for
~iE;"I~t.~: the purposes mentioned in subsection (1) of Section 334 of The Municipal Act is:7.~.~!~.I1.ty.:::...
.~l.a.(o) _d
lh ...... n.y.~...1P.;1.I:t~1?,I1.g..A...J!~J:y:~..J:!~':I.li.;-.~.d.::'::::::,.~:lCY.dollars, of which the Corporation has already
borrowed a total of......."S,bly.~.ny.~...,T1HIl.\IHlJl~..... ,F. ~y~ ...H!,I!14r.~. 4 ::.~.::.:: ::.::'.lQljollars.
THEREFORE the Council of the Corporation of the............l~W.ll....."............................
of ..."....................J~J.I1.9.~.\r.4J.RL"......."..........."..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.,,::.':':::-.::-.::-:::.':':::.::.::-.::,::::':::.::'.::.~.':'::::::.~.~::::::::,~.:7.::.::.::::'.::.::.::::~:::
T.en.. ' !h:lUllaD d.,:,.".".".".,:,. "."."."." " "XXdollars 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 and signed by
them for the moneys so borrowed with interest at a rate not exceedinll,....p.i...........per centum
per annum, which may be paid In advance or otherwise.
lA. The C~uncil hereby c~nfirrne b~rr~w1nge of all Burne borrowed
for Current F:xpenditurce fr~m the Bank in excese ~f am~unte here-to-fore
authorized to be borr~wed by by-law and declares t~at the
l earne rights
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See:. 334
r...,nacled
1833.
Curren I
borrowln!/l CUI
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for
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olt
limit upon
borro",.lngl oxc
est;
Tomptlr~ry
afPlic'Uon
o Ultlmat. par
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EtclUllon
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and relations are in force with regard to said loans as if the authority
to borrow same had been given by by-law at the proper time or times.
2. All sums borrowed from the said Bank, for any or all of the purposes mentloneo In the
said Section 334, ehall, with Illterest .hereon, be a charge upon the whole of the revenues of the
Corporation for the current year and for all preceding yea18, as and when such revenues are
received.
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3. The Treasurer Is hereby authorized and directed to apply In payment of all sums
borrowed purnuant to the authority of this By-law, as well as all other sums borrowed In this year
and any previous yoa18, from the said Bank for any or all of the purposes mentioned In the said
Section 334, togethor with Interest thereon, all of the moneys heroafler collected or received on
account or realized In respect of tho taxes levied for tho current year and preceding yearn and all
of tho moneys collected or received from any other Source, which may lawfully be applied for such
purpose. /' 'T ./
PassedthIS."..".,,=~;}UIkU~=:..daYO-C-.~UV~95.~
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.....".... ..."...~;:;:i1~1J . .'k.""..".."..
C"k.
I he~y certify that the foregoing is a true copy of By-law No,I.!.U.Of the Corpora-
tion oT.a.lMl~.. ".. r~ d d~he Province of Ontario, duly passed at a
meeting of the Co CII"~~ Corporation duly held, and that the said By-law Is in full
force and effect../ t.f1 ~ ~ _. / ._
Daled thiS,..."".~d~-::::"..".day Of.....".,,;..l;Ir,~..l'J..-'t'
CORPORATE
SEAL
AJl witness the Seal of
the Corporation.
..........................dlJ4
CORPORATE
SEAl.
See:. 334
r...,n.cled
1833.
EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.s.O. 1927.
(1) A council may by by-I.w Dither berDre Dr aller the pasolng of the by-I.w for Imposing the rates for the
curront yo.r authorize the he.d and troasurer to borrow from time to Umo by way Dr promissory note .uch sume as
the council may doom llOCIlSSary to moot, until the laxOl are coll.cled, the current Dxpenditu.... of the corporation
for lhe yoar, Including the amounll required for oinking fund, principal and Inle....t failing due within the yoar upon
any d.bt of tho corporaUon, school purJlOS8S. special rates purJlOS8S, and for any board, commlaalon or body and
oth.r purflO88l for which the corporation Is required by law to provide.
(2) The amount which may be borrowed In any yoar for lhe purposoa m.nUonod In aubsocUon 1 ahall not.
excopt with tho approval of the Onlario Municipal Board. excood ..venly per contum of the tolal amount or the
estimated revenuos of the corporation....t forth In the ostlmates adopled ror the yoar.
(3) Until .uch ..tlmates are adopled, tho Iimllation upon borrowing preteribed by aubsec:Uon 2 ahalllem-
porarlly be calculalDd upon the ..timatDd revenuoo of the corporatlon....t forth In tho ..Umates adopled for the
next prealding yo...
(4) For the purposoa oftubooctiona 2 and 3 osUm.led revenu..ahaU not Includo revenues, derlvabl. or derived
from arrears of taxea, borrowing. and lsauea or d.bantu.....
Current
borrowln!/l
limit upon
borro",.lngl
Tomptlr~ry
.fPlic'Uon
o Ultlmat.
ofprOC:Odinll
,..,
ElclUllon
from_Umated
r...on....
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BANK OF MONTREI\L
,,,,...,,.....-k... ~ -,; / - -. A Branch
~~.....,...
BY-LAW
Authorizing the
Borrowing of $../i.,Ii..P...~:!!~..........................
For Current Expenditures for 19JJ.
BY. LAW No. ..11/6.., ............
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MUNICIPAL CORPORATION
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O.Illd..~~....k_...................19J.~
L. F.lO Rav. 30th Juno, 1933.
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