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Form 100 Ont. -72
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BY-LAWNo.~
a jip=law to authorize the borrowìng of $ 50,000.00
Whereas the Councìl of the Village of Tiverton
(hereìnafter called the "Municìpalìty") deems' ìt necessary to borrow the sum
of $ 50,000.00 to meet, untìl the taxes are collected, the current
expendìtures of the Munìcìpalìty for the year;
And Whereas the total amount of the estìmated revenues of the
Munìcìpalìty as set forth ìn the estìmates adopted for the year 19 80, ìs
$ $259,905.00
And Whereas the total of amounts heretofore borrowed for the purposes
mentìoned ìn subsectìon (1) of Sectìon 332 of The Munìcìpal Act whìch have
not been repaìd ìs $ nil
Therefore the Councìl of the Village of Ti vert:.on
hereby enacts as follows:
1. The Head and the Treasurer are hereby authorized on behalf of the Municipality to
borrow from time to time by way of promissory note from CANADIAN IMPERIAL BANK
OF COMMERCE a sum or sums not exceeding in the aggregate $
to meet until the taxes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in subsection
(1) 01 Section 332 01 the Municipal Act, and to give on behalf of the Municipality
to the Bank a promissory note or notes sealed with the Corporate Seal and signed by
the Head and Treasurer for the moneys so borrowed, with interest at such rate
as may be agreed upon from time to time with the Bank.
2. All sums borrowed pursuant to the authority of this by-law, as well as all other sums
borrowed in this year and in previous years from the said Bank for any or all of the
purposes mentioned in the said Section 332, shall, with interest thereon, be a charge
upon the whole of the revenues of the Municipality for the current year and for all
preceding years as and when such revenues are received.
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid, together with interest thereon, all of the mogeys hereafter
collected or received either on account or realized in respect of taxes levied for the
current year and preceding years or from any other source which may lawfully be
applied for such purpose.
Passed thìs
:17Ct'. day of
May
19 80
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I hereby certìfy that the foregoìng ìs a true copy of By-law
No. of the Village of Tivert:.on
ìn the Provìnce of Ontarìo, duly passed at a meetìng of the Councìl of the saìd
Munìcìpalìty duly held, and that the saìd By-law is ìn full force and effect.
Dated This ~¡d day of May 19 80
As Witness the Seal of
the,... Village
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of, Ti vert:.on
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CLERK
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