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Home My WebLink About2086 OOFY. L.R:fill Rev.July 19M, Opt. Municipal By-law for Current " Expenditures. WM Pdnted in Canada Municipality of................TO NSHTP OF DARLINGTON ...................................................... BY-LAW No ..................................?086 ,t a ;t ..............................I......................... WHEREAS the Council of the Corporation deems it necessary to borrow the sum of w = ,, JUlNttiE'Z..AI9A..N7�F9X...F.I .. IQU e3SiR...--...c-.-.--c.-r..---.--r.-.--.-cr..-r..-......dollars to meet, until the taxes are collected, the current expenditures of the Corporatia for the year; AND WHEREAS the total amount of the estimated revenues of the-Corporation as set forth in the estimates adopted for the year 19..yf3., not including revenues beFivable or derived - t,, from the sale of assets borrowings or issuance of debentures or from a sur lus-3ndludi err 'ars' 'NOTE: Insert am- of taxes i ' ----------------------------- . ount of estimated , 3 ..........................................................................___•_�_____--____ ____— .zcr:1_—_ revenues for the . . .............................................. ....:........... current ear If atl- tetl, IfYnot, these ---„FIVE HUNDRED TH^USA,T'D------------------------------ ---- aa<year. ........ . ................................................................................................................................................dollars. AND WHEREAS the total amount heretofore authorized to be borrowed this year for NOTE: Insert am- the purposes mentioned in subsection (1) of Section 341 of The Municipal Act is............................ NO wnt of previous A11 law(O Passed ` .yea` ” NIL ......•••... .......................dollars, of which the Corporation has already borroweda total of................................................NIL.................................... .. :dollars. ...................... THEREFORE the Council of The Corporation of the...................a.QrYkISi�P.:..........,,,.,, „ .. ...... .. of.......................DAi-MIlUTON.....................................hereby enacts as follows: _ 1. The Head and the Treasurer are hereby authorized on behalf'of1he Corporation to borrow from time to time, by way of promissory note, from the Bank of NTantcear;a suM.6r( sums not exceeding in the aggregate........ -r..c.-r..-- .--- -- ---- 7 !� 41 k ..F,.CINI?�iFp.(u1T ..NIPTNTX.k'.IV ...M10UMrs to meet, until the taxes are collected, the current expenditures of the Corporation for the year, including the amounts required for the purposes mentioned in subsection (1) of the said Section 341, and to give, on behalf of the Cor- poration, to the Bank a promissory note or notes, sealed with the corporate seal and signed by them for the moneys so borrowed with interest at a rate not exceeding.....5...'—n..........per rentum � per annum, which may be paid in advance or otherwise. 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 ccllected 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 purposer ... ~ Passed th' 6.t<ia .................................day of ......k:fsbrf~r~....::. _ ~.~ i conroRnTE - &enc - - .,' - way . _ ; . =~ 208~b I hereby certify that the foregoing is a true copy of By-law No ..................... of The Corpora- tion of the..........~0v4SIStJ.I~••••••••••••••••••••of•••••~~RS,~N6T~#••°"""°""°' In tho Province of Ontario, duly passed at a meeting of the Council of the said Corporation duly held, and that the said By-law is in full force and effect. F e bruury .....................19...5 $.. Dated this .........................6.........................................day of...................... As witness the Seal of the Corporation. y J ' .............~......`..........:............................Cbrk.. COpPOMTE ~. eEAI. -- Oha`pte~r 2 3, nsa s ,.. ~_ EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950. t (1) A council may by by-law either before or after the passing of the by-law for imposing the rates for the Curreirt norrowinpe current year authorize the head and treasurer to borrow from time to time by way of promissory note suc 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. LImN upon (2) The amount which may be borrowed in any year for the purposes mentioned in subsection 1 shall not, borrowhga 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 tem- ~e~tBr,,,1O,F"~ porarily ba calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the or weeedins next preceding year. Year Escwaton (4) Forthe purposes of subsections2and 3, estimated revenues shall not include revenues derivable orderive From eaemated from the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds rew,nue; from the sale of assets