HomeMy WebLinkAbout1145A by-law to authorize the borrowing of $15,000.00.
2 All sums borrowed from the said. Bank, for any or ail of the purposes mentioned in the
said Section 339, shall, with intanExt thereon, be a charge upon the whole. of the reventrea of the
Corporation for the current year and for all preceding years, a8 and when such revenue8 are
received.
3. The Treasurer is hereby authorized and directed to apply"in payment of all aurrre
borrowed pursuant to the authority of this By-law, as well sa all otheraurrw borrowed an thb year
antl any previous years, from the said Bank for any or all of the purposes rl~ntiorled En the said
Sactron 339, together with interest thereon, all of the moneye hereafter col~cted or received on
account or realized in ~pect of the taxes levied for the current year-and preceding years and all
of the moneys ¢olleated or received from any other source,which may Iawfullybe applied forauoh
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As witness the Seal of
the Corporation. _
..
COHPOMTE
SEN.
I hereby certify that the foregoing is a true spy of By-law fJo....l~ ~~.., of the Corpora
tion of .....................:................................................b~.in the Province of Ontario, duly paaeed at e"
rrleeting of. the Council of the said Corporation duly held, and that the said B,y-law ie in full
force and effect
Dated this .....:...........:..~..........................:........day of........ ... ........................1g.~~,/
IXTRACT8 FFiCM THE MUNICIPAL ACT R.3.0. 1932.
(t) A oourral may by by-law either betas. or af6er the pwinp d the by-law for impalnp tM rates for ttro
current yaer wttarise the head and treawrer to borrow from Pure to Uma by way d promgeory rata ach wrrm as
the council maY deem rreoerery th meet, until the Taxes are odleosed, the oorrent experWitaraa d the corporation
for the year, indudinp the-amounts required for sinkirq fund, priraipal and interest falilrrg dw wNhin Lfs year upon
any debt d the corporation, ~hooi purposes, spacial rates purpcees, and for anY board. COrrerliBakrl Of body and
oitrer purposes for which. the rwrporetion is required by law to provide.
(2) The arreunt which may be borrowed in any year fw the pwpoees mentioned in aubasstion 1 shall rat,
except with the approval d the Municipal Board. exceed aevarty per cerrtum d the-total amount d the estimated
revenrrr d the corporation ae eet forth in tFr estimates adopted fa the year.
(3) Until such eWmaba'am adoptedi fhe Ilmifation upon borrovriryy prescribed by aubeeotion 2, shah tart
porarily be calculated upon g» estimated revenuee d the corporeton ae set forth br the estimates adoPmd fw.tlra
next preceding year.
(4) For the purposes d aubwctiore 2 and 3 estimated revutussshaH not inaluds revenues, derivable or deriaed
from arreare of taxoa, borrowirge and beues d debentures.
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