HomeMy WebLinkAbout77-1
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THE CORPORATION OF THE
TOWN OF NEWCASTLE
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By-Law No. 77-1
Being a By-law to authorize the borrowing
of $3,500,000.
WHEREAS the Council of the Corporation of the Town of
Newcastle (hereinafter called the "Municipality") deems it
necessary to borrow the sum of $3,500,000. to meet, until taxes
are collected, the current expenditures of the Municipality for
the year;
AND WHEREAS the total amount of the estimated revenues
of the Municipality as set forth in the estimates adopted for the
year 1976, is $9,404,767.00;
AND WHEREAS the total of amounts heretofore borrowed for
the purposes mentioned in subsection (1) of Section 332 of The
Municipal Act which have not been repaid is Nil;
THEREFORE the Council of the Town of Newcastle 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 $3,500,000. 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) of Section 332 of the
Municipal Act, an~to give on behalf of the Municipality to
the Bank a promissory note or notes ~ealed 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.
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(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.
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By-Law No. 77-1
Page 2
(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 moneys 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 this
3rd
day of
. . . . . . . . . . . . . . . . . . ,
January
77
19. . . .
Seal
G.B. RiCkar~&_~/
Mayor 1 ~
"t.,.,/ /,/"
J.M. McIlroy /
Clerk
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I hereby certify that the foregoing is a true copy of By-law No. 77-1
of the Town of Newcastle 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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DATED this. .....~.. day of
January
77
19... .
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As Witness the Seal of J.M. McIlroy of the Town of Newcastle is
affixed hereto.
Seal
Clerk