HomeMy WebLinkAboutKIN1935-1135 Borrowing to Meet Expenditures
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BY.LAW No".."lli5:..",,,,,,,,...,..,,,,,,,,,,,.,,,,,,,,,,,,......,,,.._ ,.
A BY-LAW to authorize the borrowing of $,....,~,'~~~,<?,<?.."!"~..,",...."..,,,,....,........,
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Lf'.1I Rov,30IhJune, 1933.
Ont.
MunicIpal By.law for Current
Expendlluroe.
JOcof Prinllld In CtMd..
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WHEREAS the Council of the Corporation deems It necessary to borrow the sum of
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to meet, until the lax8lJ are collected, the current expenditures of the Corporal/on for the year;
AND WHEREAS the total amount of the 8lJtlmated revenues of the Corporation as set
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'HOtT!' I"'o"~ from arrears of taxes, borrowings and Issu8lJ of debentures Is .....,K:IJl.~1il..,Tw.Q",!ho,u~~!l,
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"~n... 'Ot the
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AND WHEREAS the total amount heretofore authorized to be borrowed this year for
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:u~rE:,,'~~: the purposes mentioned In subsection (1) of Section 334 of The Municipal Act Is.."S1xt;r....,....
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iii -, ..~9.~~!'!A~....~..~,~,~,~..~..~..~,~.~,!..~..~..~,~......9.gl.~99.dollall, of which the Corporation has already
borrowed a total of..", '...."......,....,...... ,..,.."""" ,~, ,~,,~, ~ ,~, ,~, ,~,~, ~,~'" ""'"'' '''''''' ""'"'''''' '"""..".." '" ,dollara,
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THEREFORE the Council of the Corporation of the......,....",....."..!OWlf..,..,.,."..".."..,
of ,........................,...KIlmA.BDINI.....,.,u,....,........hereby enacts as follows:
" 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.."S1xt;r:",Thousand,......,...,..,.,.,.,.....,.,.,.,."........
..~,',,!..~..~'~.~..!,,!..~..~..~,~,!..!..~..~,~,~,~....9'l~Q~0Ilars to moet, 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 eaid Section 334, and to give, on behalf of the Co....
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poratlon, to the Bank a promissory note or notes, soaled with the corporate seal and signed by
them for the moneys 80 borrowed with IntBrest at a rate not exceedinO."".,~....,..",per centum
per !1.nu~Wcb~Bua/if ~IY~ncU1ath~~'orat10n hereby oonfiI'll1s
the bOrToWtng o't all 8UmB borrowed for OUrrent expenditures
froll '&he Bank of M ..
onurea1 1n eXCless ot 8lIIounts heretofore
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horl1;:r to borrow the 8BJ1e had been gl'Yen b:r by-law of 8a1d 000011 a1; I !I ' .J t
2. AlIsurns borrowed from the said Bank, for any or all of the purposes mentioned In the1;he pro- I'!I .,'jor he
said Section 334, shall, with Interest thereon, be a charge upon the whole of the revenues of theper '9" ['.' "~
Corporation for the current year and for all preceding years, lIS and when such revenues are1;1D.e or . ., . ,J
received, t1D.ea. L -n1
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3, The Trell8urer /s hereby authorized and directed to apply In payment of all sums
borrowod pursuant to the authority of this By-law, lIS well lIS 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 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 yoal1l and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose., .
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CORPORATE
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I hereby c:ertify that the foregoing Is a true copy of By-law NO../j.J..,s,.. of the Corpora-
tion of..~,J~9.vm",QJI",mqWm""""....in the Province of Ontario, duly passed at a
tn6eUhll of tIl. ColIfiClIl of the Mid Corporation duly held, and that the said By-law Is In full
force and effect.
Dated this..""..,.,,,,,,$,\!I:V:~,JJ,1i~,..,,,....,,,,,,,,,,,day of"",a,a".."JlI.1ma:rJ:..i..."""..19".J:
--Itore passed
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,- '. FUlU7 1935.
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As witnosa the Seal of
the Corporation,
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ClorIl.
CORPORATE
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.s.O. 1927.
(1) A council may by by-law .llhor bofore or after the pualng of the by-taw for Imposing tho ratoa for tho
curront yoar luthorlzlllho head and tl1l8SUrer to borrow from limo to lime by way of promlaaory nolo auch aum& u
lhe council may deem I1lICOIIUy to meet, until tho laxee .... collected, the current .xpondllu,.. of tho corporation
for lho year, Including lho amounts roqulrod for alnklng fund, principal and Intelllll failing duo within the year upon
any debt of lho corporallon, IChool purpDllOl, apoclal ratoa purplllMXl, and for any board, commlaaion or body and
olher purposes for which the corporation 18 required by law to provide.
(2) The amount which may bo borrowed In any year for the purpDllOl mentioned In auboecllon 1 ,hall not,
o",,"pt with the approval of tho Ontario Municipal Board, exceed IOvonty por contum of tho total amounl of tho
eslimated rovon_ of the oorporalion u..t forth In tho eallmatoa adopted for the year,
(3) UnUllucll lIIt1malell are adepted, the IImltallon upon borrowing pllllCrlbod by auboectlon 2 ahall tem-
porarily bo calculated upon the eatlmatod revon_ of the corporallon U lOt forth In the 118l1matea adopted for tho
nul pl1lClldlng year,
(4) For tho purpDllOl of lubooctlona 2 and 301t1mated rovonuouhall not Include rovonuoa, derlvabl. or derived
from arroill of laxee, borrowings and 111_ of d.bonlu....
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~-=-~~uary 19~5.
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BANKOF MONTREAL
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BY-LAW
Authorizing the
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Borrowing of $."t..~r..I!..~,p",J!.!.!...,..".."......,,,
For Current Expenditures for 1~~ "
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L. F.U Rev. 30th June, 1933. '
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BY. LAW No, .Ill!.:.........,
MUNICIPAL CORPORATION
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