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HomeMy WebLinkAboutTWP 75 004 Borrowing By-law RB . , I \ .\ . . . Form 348 (11-11) . ONTARIO MUNICIPAL CORPORATIONS-BORROWING BY-LAW , 7s-04 WHEREAS the Council of the Corporation of the TOIßISIIIP of ~~R11:um .Refer to theeet{.. mates for the cur. .... ,..., if adopted; If not. to tboee of last...... (herein called "the Corporation") deems it necessary to borrow the sum of $ 200,000.00 until the taxes are collected, the current expenditures of the Corporation for the year; ·AND WHEREAS the total amount of the estimated revenues of the Corporation as set forth in. the estimates adopted for the year 1975 ,is $ 480,000.00 ; I AND WHEREAS the total amount heretofore auth~rjzed to be borrowed this year for the pur- poses mentioned in Section 332 of the Municipal Act is $ 3;,0,000.00 , of which the Corporation has already borrowed a total of $ : . to meet, THEREFORE THE COUNCIL OF THE CORPORATION hereby enacts as fo\1ows: 1. The Head and Treasurer are hereby authorized on behalf of the Corporation to borrow from time to time durinjL the ~,,:,j.Jn accordance with the provisions of the said Section 332 by way of promissory note from BOIAL or n"."n&. (herein called "the Bank") a sum or sums not exceeding in the aggregate hereunder Do\1ars ($ 3.36,ooo.<lpto meet, until the taxes are co\1ected, the current expenditures of the Corporation for the year, including the amounts required for the purposes men- tioned in the said Section 332, and to give on behalf of the Corporation 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 (which may be paid in advance or otherwise) at the prevailing rate from time to time of the bank. 2. All or any sums borrowed pursuant to the authority of this By-law as we\1 as a\1 other sums borrowed in this year and any previous years from the Bank for any or a\1 of the purposes mentioned in the said Section 332 sha\1, with interest thereon, be a charge upon the whole or any part or parts of the revenues of the Corporation for the current year and for a\1 preceding years, as and when such revenues are received. 3. The Treasurer is hereby authorized and directed to apply in payment of a\1 or any sums borrowed as aforesaid, together with interest thereon, a\1 ór any of the moneys hereafter co\1ected or received, either on account of or realized in respect of the taxes levied for the current year and preceding years or from any other source, which may lawfully be applied for such purpose. 4. The Treasurer is hereby authorized and directed to furnish the Bank at the time of each borrowing with a statement showing as at that date the nature and amount of the estimated revenues for the current year where the estimated revenues have been adopted for the current year, or of the estimated revenues for the previous year where the estimated revenues have not been adopted for the current year; the nature and amount of the unco\1ected balance of the estimated revenues; the aggregate of borrowings made in the year under the provisions of the said Section 332; and the total of any borrowings made in the year under the said Section 332 which have not been repaid. 5. The Bank shall be entitled to rely as to the authority of any borrowing on a copy of this By-law certified by the Clerk and on the statements furnished to the Bank from time to time by the Treasurer pursuant to paragraph 4 of this By-law. .~ 6. This By-law sha\1 remain in fu\1 force and be binding on the Corporation as against the Bank, ,·r tlñb1 ã copy, certified by the Clerk under the corporate seal, of a By-law repealing or replacing this - 'By-law, slu¡ll have been received by the Bank and duly acknowledged by it in writing. 'PASSED:oj:fiis]Jtb day of Jeø.J1&r7 1~' . ~d~f.&,:,h,J (Corporate Seal) ~ . ,()~ C"'k We hereby certify that the foregoing is a true copy of a By-law of the above-mentioned Corpo- ration, duly passed at a meeting of the Council of the said Corporation duly held, and that the said By-law is in fu\1 force and effect. . Giyen under our hands and seal of the Corporation this ~yôf J~ 1~5 . . ',' - (èorpor~te Sear) 13f¡l1 ð¿'", ~a_J The Head of the Co tlOD. ~2, ,() ~/\ Clerk -- '\ .......,{""