HomeMy WebLinkAbout2039A by-law authorizing the Treasurer to borrow a sum of money to meet, until taxes are collected, the current expenditures of the Corporation for the year.
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2. All sums borrowed from the said Bank, for any or all of the purposes. mentioned in the
said Section 341, 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 341, together with interest thereon, all of the moneys hereafter collected ar 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 othersource, which may lawfully be applied for such
purpose.
Passed this :.:.:........::..........................:..:.:.::.:...:.......:...:day of.......::..:......................,....:......19........
9th Jelt~crat 56
CORPORATE ..............................:.................................................
SFAL mu Head d the CorporrtfonJ
....................................:...........................................
Clark
I hereby certify that the foregoing is a true copy of By-law No .......:.....:....... of The Corpora-
tion of the ...:...............:.:..........................of..........~:..............:...................... in th9 Province of Ontario,
duly passed at f the Council~i •~orporation duly held, and that the said
By-law is irr full force and effect.
Dated this ...............................................:....................day of.......................:........................19.........
9th JA~Ailzi g6
As witness the Seal of
the Corporation.
Clrk
CORPORATE
SEAL
wz%RS.o. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
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7urram (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the
~orrowlnea 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 mast, until the taxes are wllected, 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.
_Imn upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection t shall not,
,anowinao except with the approval of the Municipal Board, exceed seventy per centum of the total amount of the estimated
revenues of the corporation as sat 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-
~fprtlmetea porarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the
>r precedlna next preceding year.
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Excla,lon (4) ForthepurposesofsLbsections2and3,estimatedrevenuesshallnotincluderevenue~derlvableorderived
ram eattmetea from the sale of assets, twrrowings or issues of debentures or from a surplus including arrears of taxes and proceeds
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from the sale of assets.