HomeMy WebLinkAbout2029A 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.
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 whale of the revenues of the
Corporation for the current year and for all preceding years, as and when such revenues are
raceivod. _
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 weltas 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 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 far such
purpose.
Passed this ...........................................
CORPORATE
SEAL
-.......... .....t, .
Clerk
hereby certify that the foregoing is a true copy of By-law No.......i.... of The Corpora-.
tion of fhe`.... .......:.................of.......~li ....:........, in the Province of Ontario,
duly passed at a meeting of the Council of the said Corporation duty held, and that the said
By-law is in full force and effect.
Dated this .......................~.'...............................day of.................................1~5.......
As witness the Seal of
the Corporation.
Clerk
CORPORATE
SEAL
9eot. att of
~z+a.A.%o• EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
cunenr (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the
lrorrowinas current year authorize the head and treasurer to borrow from time to time by way of promissory note sucfi 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 deht 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.
omit upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
oerrowinpe except with the approval of the Municipal Board, exceed seventy per centum of the total amountof 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 slrbsect}on 2, shall tem-
eppIleatlon
,f eetimalee porarily be calculated upon the estimated revenues of the corporation as set forth in the estimate9 adopted for the
N precedinv next preceding yeas
rear
Esclusien (4) For the purposes of subsections2and 3, estimated revenues shall not include revenues derivable or derived
rrom ewmeted from the sale of assets, borrowings or issues of debentures orfrom asurplua including arrears oftaxes and proceeds
revenues
from the sale of assets.