HomeMy WebLinkAbout1531A By-law to authorize the borrowing of $ 60, 000.00.
Whereas the Council of the Corporation of theto borrow1the sumlarke
(hereinafter called the "Municipality") deems it necessary
of $ 60, 000.00 to meet, until the taxes are collected, the current
expenditures of the Municipality for the year;
f~OTF..-Refer And Whereas the total amS ado ted efort the year 19655 onot en hiding
fort thescurrent pality as set forth in the estimate p
,fenot, oo hose revenues derivable or derived from the sale of assets, borrowings or issues of
of last year. debentures or from a surplus, including arrears of taxes and proceeds from the sale
of assets, is $ 300, 000.00
And Whereas the total amount heretofore authorized to be borrowed
(Delete this this year for the purposes mentioned in subsection (1) of Section 329 of The
appl~ alile,jf not ~_ 0 , 000.00 , of which the Municipality has
Municipal Act is $ 5
already borrowed a total of $ 150, 000.00
Therefore the Council of the To~~mship of Clarke
hereby enacts as follows:
1. The Headolan ~e to t me by way of promissoryrnote fromeCANADIAN MPERIAL 1BANK
borrow fr
of COMMERCE a sum or sums not exceeding in the aggregate $ 210, 000.00
to meet untiincludin the amounts requhred for the purposes mentioned in subsection
for the year, g
(1) of Secnk a 3romissory notelor notes sealed withithe Corporalte Seal a dusig ed by
to the Ba p
the Head and Treasurer for the moneys so borrowed, with ine= cent m per annum
paid in advance or otherwise, at a rate not exceeding 5~ P -
2. All sums berth sedear andnn prev'ous years f om the said Bank for anyl or allrof the
borrowed Y
purpothe whole oft he revenuies of the Municipality 1forlthercurrent year and for all
upon ears as and when such revenues are received.
preceding y
3. The Treasurer is hereby authorized and directed to apply in payment of all sums
borrowed as aforesaid thereon a count otr realizedr nnrespectf f taxes levsied for the
collected or received a lawfull be
current year and preceding years or from any other source which may Y _
applied for such purpose. 19 ~ ~'
Passed this `~ ~- day of
I hereby certify that the foregoing is a true copy of By-law
of the of
No. duly passed at a meeting of the Council of the said
in the Province of Ontario,
Municipality duly held, and that the said By-law is in full force and effect. 19
Dated This day of
As Witness the Seal of
the of
~~
...................................................................................................CLER K
SEAL
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