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HomeMy WebLinkAbout1370A By-law to authorize the borrowing of $ 75, 000.00. Whereas the Council of the Township eat Clarke (hereinafter called the "Municipality") deems it necessary to bormw the sum of $?5, OOO.Oa to meet, until the taxes are collected, the current expenditures of the Municipality for the year; xo~.-R.t,= And Whereas the total amount of the estimated revenues of the Munici- t pality as set forth in the estimates adopted for the year 1961, not including Ti`noea, wado~edwo..` revenues derivable or derived from the sale of assets, borrowings or issues of °f'°'t'~' debentures or from a surplus, including arrears of taxes and proceeds from the sale of assets, is $2~5, ©00.00 ~+oted~ cDd~te tni. aat~ucfit~ot i~odtia~~ ffl~oac sara~ra~)f not DDU~ca ~ 7~Zli~IC~17~Z]~tZ~t~i ~d~ #~~ Therefore the Council of the Township of Cletrke 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 THS CAxAniArr Bnxs of COn~MERCE a sum or sums not exceeding in the aggregate Z ?~ ~ 000.00 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 (i) of Section 341 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, which may be paid in advance or otherwise, at a rate not exceeding ~~ per centum per annum. 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 saki Section 341, 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 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 19 61 _ ............. ........ THE ~HEAD~2~E MUNICIPALITY .... SEAL --- CLERK We hereby certify that the foregoing is a true copy of By-law No. of the Township of Clarke 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. Dated This 3rd day of January 19 61 As Witness the Seal of the Township of Clark® •THE HEAD OF IP~[]~UNICIPALITY 3BAL ......................... •................................. ... - CLERK ~~ ~f w ~,~ n ~ ', ~~ to ~ •;< N rr :: ~. ~: t a ~?3 !-~ :~ w '~` G O ~ U f. ~ C_7 ~. ~ O ; ~] ~ !b ca ~S F ~ v ~ U ,., G; '~ O _ .,. n ~ ~ !-' F ; C ~J ~ ~ n ~i '~.~ U: u '~~ f-~ '~ 0 o w r~ ~ r~ W .. ~- _~. O ~S