HomeMy WebLinkAboutKIN1938-1190 Borrowing of $60,000
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2. AIIsurns borrowed from the said Bank, for any or all of the purposes mentioned In 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
recel ved.
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 yeare and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose.
Passed this..,...,.,...... .Th1 rd.................,.,.........,..... .day of, ...... ...,. ..~~~~~.;::r... ..........,..., ..19~13
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,,' I hereby certify that the foregoIng Is a true copy of By-law No..,....ll~.O... of the Corpora-
CORPORATE
SEAL
tlon or..........lQm\..,Q.LJq..P:!<.l,\o.+.g,~,!'!&...............in the Province of Ontario, duly passed at a
meeting of the Council of the said Corporation duly held, and that the said By-law Is in full
force and effect.
,Dated this........ ........!b.Lrd.,..,...................,....day of....,......,l.~,~Y.....................19..~.~,.
As witness the Seal of
the Corporation.
...........,....,........~!z?!l!..e?r.P.:..~/...'~::...
t.
CORPORATE
SEAL
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6& 33'
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EXTRACTS FROM THE ONTARIO MUNICIPAL ACT R.B.O. 1927.
(1) A ~uncll may by by-law ellher before or afler \he paaalng of the by-law for Impoalng \he rallla for the
current year authorlm the head and treuurer to borrow from tlmo to limo by way of promlasory note IUch aums as
the council may deem nocosaary to moot. until the \axIlI are ~lIoclod. \he current expondlturea of the ~rpora\ion
for the year. Including tho amounla required for alnklng fund. principal and Inlel1llt failing due within the year upon
any debt of the corporation. ochool purposet. lpeclal ral80 purposet. and for any board. commlealon or body and
other purpoeea lor which tho ~rporallon II required by law to provide.
(2) The amount which may be borrowed In any year for the p\lrposet monllonod In lubseCtlon 1 ahall no I.
except with the approval 01 the Ontario Municipal Board. exceed eewnty per CIlnlum of the total amount of the
estimated revenues of tho ~rporatlon as eet forth In the llIt1mallla adopted for the year.
(3) Until auch estlmallla are adoplod, the limitation upon borrowing preacrlbed by IUbseClIon 2 ahall tem-
porarily be calculated upon the estimated rewnUlll of the corporation as lOt forth In the esllmallla adoplod for the
next preClldlng year.
(4) For the purp.-ohubaeCtlOlll2 and 3 estimated rewnuellhall not Include rewnUOl. derivable or derived
from arrea", of \axIlI. borrowinaa and loaUlll of debentUIlll.
LImit upon
bol',owlnga
Tel'llPOf.ry
IpplclUon
of..tlmlr.
of pr<<;edlna
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E.lol~O"
from .lImlted
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