HomeMy WebLinkAboutKIN1935-1148 Borrowing to Meet Expenditures
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LF. II Rev. 30th June, 1933,
Onto
Municipal By-law fcr Current
Expondlturea.
30404 Printed In CanIda.
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Municipality of....;~~..,~~..,~~~,~!,~~~,~,~'I:I'!..,..,....,',..,..,....
BY-LAW No,....,..,"'~~~......,....,............................,...."........."..
A BY-LAW to authorize the borrowing of $....,5.,..9g9,~,9.9..,..,....................,..,..,..........."
WHEREAS the Council of the Corporation deems It necessary to borrow the sum of
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...... .... ..... ............. ...... .F1 v,c...!I!h o1.lB.und..... ... ........... ............ .............. .... ........,.,.. ...... A.... ..,dollars
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to meet, until the taxes are collected, the current expenditures of the Corporation for the year;
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AND WHEREAS the total amount of the estimated revenues of the Corporation as set
forth In the estimates adopted for the year 19",~,1, not Including revenues derivable or derived
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;~~TS' '='\:': from arrears of taxes, borrowlnos and Issues of debentures Is .H1ne:ty...,Tx/,o..,~oual.l.ml..,..
NwnUII 'or thII
'llI'Nnt)'llt If.o- Sbc Hllndred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
:r~'t I~~ lh... ............,,,,...,..........,,,..,,.,,.....,,,, """,.."..".."..."..'..'.."..,..,.........' ..,,,..,,..,...................,..,,, "" "....' ..'.. ....dollara.
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AND WHEREAS the total amount heretofore authorized to be borrowed thl, year for
~u~lE;"I~~,: tho purposes mentioned In subsection (1) of Section 334 of The Municipal Act la..",.5ix:t,y.........
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_. r,~!.~"..!!!~~~.~.::,~,..~~,~,~.~:~.......~..~..:..:..:.:..:..:..:..:...dona'ti, of which the Corporation has already
borrowed a total or...,S1xty..,~holUlund ....... H'.'.' .,... .....,.,..,.,. ,.,..' .,..OO!lOUlollara.
THEREFORE the Council of the Corporation of the..".."....,!..L,~g~m......u,................
of ".............,......A.~.....,~*,tl,(:!,~,r.~.*.mL...,,',~............hereby enacts as follows:
1. The Hoad and the Treasurer are hereby authorized on behalf of the Corporation to
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borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or
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current expenditures of the Corporation for the year, Including the amounta required for the
sums not exceeding In the aggregate......~..!..!........,~,tv:~..J~):),~)l,1Hill~......~"..,..!..,.."u,,""..u,u,
. . . . . . . . . . . . . . . . . . . . . 00/100
...............,.....,........,............................,..,........,....dollars to meet, until the taxes are collected, the
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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 sigl18d by
them for the moneys so borrowed with Interest at a rate not exceoding....,M....,......per centum
<10
per annum, which may be paid in advance or otherwise.
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'1!,.. l~lIsums borrowed from the said Bank, for any or all of the purposes mentionertlii 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.
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3. The Treasurer is hereby authorized and directed to apply In payment of all sums
borrowed 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 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
purpose.
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Passed this,......,......", "......,s,txtb...,..,."....
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COIlPORATE
SEAL
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I hereby certify that the foregoing Is a true copy of By-law No....J,MJL.. of the Corpora-
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tion of....,J:9.ym...Qf,J~~.n.Q.~;r.4J,u.~...................ln the Province of Ontario, duly passed at a
fIlIllltif1P of l/!. CAlIl1filllf f/lp paid Corporation duly held, and that the said By-law Is in full
force and effect,
Da ted this,....."....,.,.,...., S 1xt h...." .,. ......".. .day of..... ".., ..,.D-e'Q. ,~mJ?l1,l;'...., ........, ,19,~ IL
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As wi tness the Seal of
the Corporation.
.................dri~__
CIork.
CORPORATE
SEAL
Soo. 33'
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1033,
EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.8,O. 1927.
(1) A council may by by-law either before or altor the pwlng of tho by.law for Impoelng \he rallle for tho
currenl year aulhorlze tho head and tllluurer 10 borrow from limo 10 limo by way of promlatory noto auc:h IUms u
tho council may doom nooeosary to mosl, unlll lho taxsa are collected, tho currenl expandltu"" of tho corporation
for tho year. Including lho amounll IlIqulred for linking fund. principal and Into""t failing dUB within tho year upon
any debl of tho corporallon, ochoof pur~, apoclal ratea pur~, and for any board, commlaslon or body and
other pur~ 'or which tho corporation fa required by law 10 provide.
(2) Tho amount which may be borrowed In any year for tho pur~ monllonod In aubsocllon 1 shall nOl,
ox""pt with lho approval of tho Ontario MljIllclpal Board, exceed IIOventy par ""nlum 01 tho Iotal amounl of lho
llfllmated rewnl108 of tho corporallon -101 forlh In lho eolimal8ladopted for tho year.
(3) Unllll!Uch IlIllmUes'" adqp~, lho Iimltallon upon borrowing pl8llCribod by aubsoctlon 21hall tem-
porarily be calculated upon lho Ollllmatod reven.... 01 lho corporallon u IIOt forth In the Ollllmatea adopted for lho
noxt preceding year.
(4) For tho pur~ ohubllOcllolll2 and 3 Ollllmated reven.... shall not Include revenuee, derivable or derived
lrom arreara of taxsa, borrowlnga and Iasuoa of debentures.
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T.mporary
'rPllUlion
o .tJmatel
of prwoIding
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from .Umltld
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LImit upon
borrowlnga
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BANKOF MONTREAL
.............................,......,KI!1CAnD.Il.IE".............."...... Branch
BY. LAW
Au thorizl ng the
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Borrowing of $",..~,~,9.~,~,~,?~..."........,............,..,..",..
For Current Expenditures for 19..~5-
BY. LAW No. ..,....,~,~~,~"..........,
MUNICIPAL CORPORATION
OF
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TO\l1I OF KIIiCl...lillINE
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Oaled ,........Dlia.lWBD.....,,~1'H..,.,...,.,......,.,....19.3,5,
... F.lD Rev. 30th June. 1931
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