HomeMy WebLinkAboutTIV 75 004 Borrowing Loan
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Fonn 100 Ont.-72
BY-LAW No.]~~4......
a .p=Iatu to authorize the borrowing of $ 38,875.00
Whereas the Council of the Corporation of the VilJæ.ge of Tiverton
(hereinafter called the "Municipality") deems'it necessary to borrow the sum
of $ 38,875.00 to meet, until the taxes are collected, the current
expenditures of the Municipality for the year;
to~...tï:.:::: And Whereas the total amount of the estimated revenues of the
. .~ Municipality as set forth in the estimates adopted for the year 1974, is
- $ 55,535.00 .
~~'fr~~ And Whereas the total of amounts heretofore borrowed for the purposes
appticable.) mentioned in subsection (1) of Section 332 of The Municipal Act which have
not been repaid is $11.975.58
Therefore the Councii of the Village of Tiverton
hereby enacts as follows:
L The Head and the Treasurer are hereby authorized on behalf of the Municipalitytð
borrow {rom time to time by way of promissory note {rom CANADIAN IMPERIAL BANK
OF COMMERCE a sum. or sums not exceeding in the aggregate $ 38,975
to meet until the tllXes are collected the current expenditures of the Municipality
for the year, including the amounts required for the purposes mentioned in subsection
(1) of Section 332 of 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 {rom 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 {rom 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 o{ the Municipality for the current year and for all
preceding years as and when such revenues are received. .
3. The :r~urer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid. tog\!ther with interest thereon, all of the moneys hereafter
collected· or teceivêd 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 this
28th
day of January
19 75
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THI! HJtAD OF THE MUNICIPAlJTY
..
Dated This
29th
day of
January
1975
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I hereby certify that the foregoing is a true copy of By-law
No.75-4 of the Village of Tiverton
in the Province of Ontario, duly passed at a meeting of the Council of the said
Municipality duly held. and that the said By-law is in full force and effect.
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As Witness the Seal of
the Village
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of Tiverton
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