HomeMy WebLinkAboutKIN1939-1204 Borrowing $60,000 until payment of taxes 1938
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2. All sums borrowed from the said Bank, for any or all of the purp0BB8 mentioned In the
said Section 339, 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, u and when such revenues are
received.
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3. The Treuurer Is hereby authorized and directed to apply In paymsnt of all eums
borrowed pursuant to the authority of this By-law, u well u 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 339, 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 SOUrtB, which may lawfully be applied for such
purpOBB.
Pused thls...............,...~~.~.....,....................,........day Of...........~~~.~.!l.....................19,...39
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I hereby certify that the foregoing II a true copy of By-law No...1.2Qi...... of the Corpora-
tion of.......~~~...~~...~~~~.~~.~.~..................ln the province of Ontario, duly pused at a
meeting of the Council of the said Corporation duly held, and that the said By-law is In full
force and elfecL
CORPORATE
SEAl.
Th1rd Janue.1'1 39
Dated thls............................................................day of ....................................................19.........
,.. witness the Seal of
the Corporation.
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CORPORATE;
SEAl.
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, Bect.339of
;., CImrt...... RS.e.
~1837.
~_TI2 Cum"1
_'~ bot'rDwlngl
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EXTRACTS FROM THE MUNICIPAl. ACT R.5.a. 1937.
(1) A council may by by-law either befo.. or after the pualng 01 the by-law lor Impoelng the rallla lor the
cur..nt year authorize the hoad and t....u..r to borrow lrom time to time by way 01 promlaaory nomluch auma ..
the council may deem necesaary to meet. until the _ are colleCted, the current expendlturea 01 the corporation
lor the year. Including the amounls ..qulred lor linking lund, principal and Inte...t lalllng due within the year upon
any d.bt 01 the corporation. echool pur~, special rallla pur~. and lor any board. commlaalon or body and
other purpooes lor which the corporation Ia ..qulred by law to provide.
(2) The amount which may be borrowed In any year lor the pur~ mentioned In lubeectlon 1 ahall no~
o.cOpt with the approval 01 the Municipal Board. e.~ IOvenly per Cflntum 01 the lotal amount 01 the OItlmated
..venu.. 01 the corporation.. IOllorth In the OItlmatoa adopted lor the year.
(3) Unlllluch oatlmatoa a.. adopted, thellmllatlon upon borrowing pnllCrlbed by subaeCtlon 2, Ihall tem-
porarily be calculat.d upon theeatimaled ..ven... ollhe corporation aa lOt lorth In the OItlmallla adopted lor the
n.xt preoodino year.
(4) For the purpooes 01 subseCtions 2 and 3 OItlmaled ",venUOlshall not Include ..ven.... d.rlvable or d.rlved
lrom ar..all 01 t..... borrowings and Issuoa 01 d.bentu....
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OF MONTREAL
,...'OB,\a!'l-o....................8r11lOh
BY-LAW
lhorlzlng the
io..ao,o..OQ....,........................
Indltures for 19......39
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I\L CORPORATION
OF
of Kinoardine
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h.l938.
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