HomeMy WebLinkAboutKIN1934-1130 Borrowing to Meet Expenditures
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L.F.1O Rev. 30th June, 1933.
Onto
Municipal By-law lor Curlllnt
Expendlluros.
3Ot04 Printed In Canad..
Munlci pality of....lqi!~~,., ~.r.. ~JH~.~'i~PJ'Ib........,. ......'.....
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BY LAW No...................,..........................,...........................,..
A BY.LAW to authorize the borrowing of $.1,.,9.aQ,Q.9............................................,..,...
WHEREAS the Council of the Corporation deems it necessary to borrow the sum of
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to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
AND WHEREAS the total 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
;~.aT;': ':,"..\::o from arrears of taxes, borrowings and issues of debentures Is '.~!.~~~I;.~.~.~.H~:r:c"..,n~~u.I!.;u.~.
,.wnUII 'or .thI I
:"\Ztn'.r'..:.'~::;,:lcl.t Uun\lu:a' _ .___ '_____________________________titl/100
:r I.,'. _~ _................................... ................. ................ .............. ................ ..... ................ ........... ............ ............ .dollars.
AND WHEREAS the total amount heretofore authorized to be borrowed this year for
~"~rE:,,'~~r.': the purposes mentioned In subsection (1) of Section 334 of The Municipal Act is...............,.........,..
B!;UWlIl p_d
th )'Nt. ''.. vt:nt,)'-i Lvr;~fl:)u.HUU..--.----.--x:<
..................................................................................,........dollars' of which the Corporation has already
.i 1:;; Li -c l.;ht 7i; JU;Jl>llu. F 1 vu Hunured-------Xl'.
borrowed a total of........................ ............ .........,................ ...... .... .......,... ..... ..., ...,........... '.,.......... ....dollars.
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THEREFORE the Council of the Corporation of the..........~.:~....,........................,................
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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
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sums not exceedlOg 10 the aggregate...............,...........................".........................................,..,..............
___________~_____~______xx
...............,..,..........,............,..........,......................dollars 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-
po ration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by
them for the moneys so borrowod with interest at a rate not exceedino.......~!..........per centum
per annum, which may be paid in advance or otherwise.
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1I.. O:l..:,;".,l:l.... Ji' ;~ll "u'a;. hJrl';J:u; t'Jl' current o'x.,t.odlturc.n
frJ,4 ...." .I'-fl"; :/1' ,"ClllLrcl in "Ae\;;),; Jt ;.hIJUnt:; llcretJfJrc
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183.1.
Current
borrowlnlll
limit upon
borrowln",
Tempora,)'
'rPIiCIllon
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0' Pl'IlCOdlng
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183.1.
Current
borrowlnlll
limit upon
borrowln",
Tempora,)'
'rPIiCIllon
o _UmalDl
0' pl'IlCOding
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from..Um.ted
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lluth:Il:1zea" ta be b:.ln':l'~'etl b~ b..-l.." ;.I\U Ilct;l,rel.l lb..1. the "tlme rl~htu hnd.
~el~tl~n3 brc 1n farce with re~ rd ta the ijh1t1 latln ar labnu kU 1r the
luLt.:.lr1ty t~ b:ll'l.~tI tllC 'jWUE: !iuU bllen Iilven by by-l...", af ob.1ti cauneJ:l' fOl.'
2. All sums borrowed from the said Bank, for any or all,Of the purposes mentloned'In-.the the pra-
said Section 334, shall, with intol'88t thereon, be a charge upon the whole of the revenues of the ,!-Ier t 11l1e
Corporation for the current year and for all preceding years, as and when such revenues are:l1" tl::1ea.
received.
3. The Trell8urer Is hereby authorized and directed to apply In payment of all sums
borrowed pursuant to the authority of this By-law, 1I8 well as all other sums borrowed In this year
and any previous years, from the said Bank for any or all of the purposes mentioned In the said
Section 334, together with Interest 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 years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpo:assed thl;:.k~"~~=".,..,,,..daY ;rJ)"(ttul~-::.",,.1ikf
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CORl'ORATE
SEAL
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r hereby certify th:;J,he foregoing Is s. tru.e copy of By-law No./I).t?... of the Corpora-
tion "of,1t1tJ!.a...!f..~.a.!r.kL.-::;;. the Province of Ontario, duly passed at s.
meeting of the c;,"~ii of the said Corporation dUly held, and that the said By-law ia In full
force and effect. ,,/, / /. /.
Dated thi;~~:.~_I:t:::-.......day 7i.fJ..t.t..tHt..1!:?!k-:........191./f.-
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As wi tness the Seal of
the Corporation.
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.s.O. 1927.
(1) A council may by by.law either borore Dr sIler the passing of the by.law fer Imposing the rates lor the
current year autherlre the head and treasurer lo:borrow lrom time to time by way el promlasory ncto such sums as
the council msy doom I1OOllS88ry to moot, until tho laxsa are collocled, the current expenditures er the corporation
lor the year. Including th. ameunbl required ler sinking lund, principal snd Inlerestlalllng duo within tho year upon
sny d.bt Dr the corporation, school purposos. speclsl rstes purposos, snd lor sny board, commission or body .nd
othor purpoaos lor which the corporation Is required by Isw to provldo.
(2) Tho smeunt which may bo borrowed In any yesr lor tho purpol108 mentioned In subsectien 1 shall not.
exoopt with tho spproval eltho Onlarle Municipal Beard, .xceod 80venty per oontum 01 tho total amount elth.
..tlmated revenu.. olth. corporation.. sotlorth in tho estimates adepted for tho year.
(3) Until such estimates are adopted, th. IImllation upon borrowing proscrlbod by subsection 2 shalltem-
porarily bo calculated upon tho ..tlmsted revenues elthe corporation as sot ferth In the ..tlma18s adopted lor tho
noxt preoodina year.
(4) Fer tho purpoaos of subsectlona 2 snd 3 ..tlmated revenu.. shall notlncludo revenull8, dorlvabl. er d.rlwd
from arreArs of taxDl, borrowings and Issu6! of debenturea.
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eJ.l'Jwoi hereby.
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