HomeMy WebLinkAbout1170A by-law to authorize the borrowing of $25,000.00.
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 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 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 ...........................~~. ......................
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FJ/~~l{ `, (The he Corporation.)
~J ... ....:...... ........... ......... ..............Clerk
hereby certify that the foregoing is a true Dopy of By-law No.../~r~6.... of the Corpora-
tion of/LsJ,~6.....25L .............' .~~ ...in the Province of Ontarid, duly passed at a
meeting of the ouncil of the sa' Corporation duly held, and that the said By-law is in full
force and effect.
Dated this ................................................day of......~l.-xrv~.............19.cS1
As witness the Seal of
the Corporation. /~ ~ ~ - s
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Seet. 37 0l
cna .2e0. a.s.o. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 7937.
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currerk (i) A council may by by=law either before or after the passing of the by-law for imposing the rates for the
bpnowinee 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 by law to provide.
Limit upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
borr°winpa 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 terr-
appllealion
or aetlmalea porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
of precedi"° next preceding year.
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Ea°waion (4) Forthe purposes of subsections2and3estimated revenues shall not include revenues, derivable or derived
fr~"~ matae from tiro sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
from the sale of assets.
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(Corp«ale
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