HomeMy WebLinkAbout1153A by-law to authorize borrowing of $20,000.00
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 currant year and for all preceding years, as and wfien such revenues are
received.
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3. The Treasurer is hereby authorized and directed to apply in payment of alt sums
borrowed Dursuant to the authority of this By-law, as weN 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 interesf 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 tre applied,for, such
purpose.
Passed this .................. ~~.........................day of....../~~ .,.............19.,~~
.~ A w (Corporate
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I hereby certify that the foregoing is a true copy of By-law No ..................... of the Corpora-
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lion of ............:................................................:..............in the Province of Ontario, duly Passed aY a
meeting of the Council of the said Corporation duly held, and that the said $y-law is in full
force and effect.
Dated this.. ...... ._....~.. .... ._........day of ..... ........: , .............19.!~.~
As witness the Seal of
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EXTRACTSFROM THE MUNICIPAL ACT R.3.0. 1937.
(1) A council may by by-law either beforeor after the passing of the by-law for imposing the tales for the
current year authorize the haadand treasuror to borrow from time to time 6y way of promissory note such sums as
ttie council may deem necessary to meet, until the taxes are collected, the current expendiW res of the corporation
for the year, including the amounts required for sinking fund :principal and interest falli~ due within the year upon
any debt of thecorporation, school purposes, special rates purposes, and forany board, commission or body and
other purposes for which the corporation is required by law to provide.
(2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
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. _
(3) Until such estimates are adopted; the limitation upon borrowing prescribed by sulxrection 2, shall tem-
porarily ba calculated upon the estimated revenues of the corporation as set forth in the estimates opted for the
next preceding year.
(4} For the purposesof subaections2and3estimated revenues shall notinclude revenues, derivable or derived
from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
from the sale of assets.
(Cory'orate
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