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HomeMy WebLinkAbout1079 Alb, 167 .v L.F.]e Rev.March,1933. Ont. Municipal By-law for Current Expenditures. 64306 Printed In Canada. Municipality of....Township oY_,Aarlfngton.. ..... ....,, ... BY-LAW No;.r1079�......:........................ A BY-LAW to authorize the borrowing of $...........20,.OOA..OA.........................I.............. WHEREAS the Council of the Corporation deems it necessary to borrow the sum of TaPent -Thonasnd 7-7777... - - ..........................Y......................-.---.-------,-�-,-�-------,------...................... ..........dollars to meet, 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 asset forth in the estimates adopted for the year 19�p..., not including revenues derivable or derived *NOTE:hrsrtam from arrears of taxes, borrowings and issues of debentures is '........UxtY.-X.1Y.Q---r..-�-r..-rr..--... ount of estimated revenues for the n? r ad ............. - .........111009 n -------------------- :: ..... dollars.at H ud................... . Year. AND WHEREAS the total amount heretofore authorized to be borrowed this year for ouyy.-T%4'pnrbu the purposes mentioned in subsection (1) of Section 339 of The Municipal Act is..-r..-----.--ra thb twr.I Daaaad of which the Corporation has already - -- dollars. borrowed a total of...---cr..--r..---.--___--c---.-^----------^-............-.....'................ THEREFORE the Council of the Corporation of the.............TQttEI h i,R............................ Darlington of....................................................................................hereby enacts as follows: 1. The Head and the Treasurer are hereby authorized on behalf of the Corporation to borrow from time to time, by way of promissory note, from the Bank of Montreal, a sum or sums not exceeding in the aggregate............T!!entx7 Thousand......-------- ............................................ . ----------------------'-""'.".....dollars to meet, until the taxes are collected, the ......................................................... . current expenditures of the Corporation for the year, including the amounts required for the purposes mentioned in subsection (1) of the said Section 339, and to give, on behalf of the Cor- poration, to the Bank a promissory note or notes,sealed with the corporate seal and signed by them for the moneys so borrowed with interest at a rate not exceeding......................per centum per annum, which may be paid in advance or otherwise. Nitf E� i ii e 2. All sums borrowed from the said Bank, for any or all of the purposes mentioned in the said Section 339, shall, with interest thereon, be a charge upon the whole of the revenues of the Corporation 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 �;i; borrowed pursuant to the authority of this By-law, as well as all other sums borrowed in this year and any previous years, from the said Bank for any or all of the purposes mentioned in the said Section 339, together with interest thereon, all of the moneys hereafter collected or received on account or realized in respect of the taxes levied for the current year and preceding years and all of the moneys collected or received from any other source, which may lawfully be applied for such purpose. Passed this.......Ei.'..tt3.............................................day of.........r�anuar�r ........I9 9 ..................... CORPORATE 1c:_5 . i2�L /. SEAL (Thegea(Kof the Corporation.)"'�„ gin, J Clerk 1 hereby certify that the foregoing is a true copy of By-law No..................... of the Corpora- tion of.......... a ..........................................in the Province of Ontario, duly passed at a meeting of the Council of the said Corporation duly held, and that the said By-law is in full force and effect. g i1 "..�............ ........................................day of......... ''� Dated this............ _......t........_......._.19......_.. As witness the Seal of the Corporation. ..... .... ... ......... ........... ........ Clerk. CORPORATE SEAL Sect.339 of Chapter 266,R.S.O. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1937. Current (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the borrowings current year authorize the head and treasurer to borrow from time to time by way of promissory note such sums as the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation for the-year,including the amounts required for sinking fund,principal and interest falling due within the year upon any debt of the corporation,school purposes,special rates purposes,and for any board, commission or body and other purposes for which the corporation is required 6 law to provide. P P P Y P L ;, i (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, bor gs except with the approval of the Municipal Board,exceed seventy per centum of the total amount of the estimated revenues of the corporation as set forth in the estimates adopted for the year. Temporary (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2,shall tem- application of estimates porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the of preceding next preceding year P g Year. Exclusion (4) For the purposes of subsections 2 and 3 estimated revenues shall not include revenues,derivable or derived from vo ilea n from arrears of taxes, borrowings and issues of debentures.