HomeMy WebLinkAbout2139A 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. A!I 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 ail 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 for such
purpose.
Passed this ....................~th
of........... January ..................19.60..
CORaPO LATE _- ~ L~~u..".F..Y.:^e!~l~l..`.~. S..~G"""""""""""''"'
_ (rhe Hand M iha Carpprrifon.)
.., %(/ l
..................c aJ ._ _t ., z .,-,
I±rereby certify that the foregoing is a true copy of By-law No.... 21.9....... of The Corpora-
lion of the..~'w..~:n,ahz8 ...........................of.........naz'lin~ton , , .,, in the 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.
Dated this ................... 7th.......
As witness the Seal of
the Corporation.
WRPORATE-.
SEAL.
January ......................19..60..
~s ~
..............................................................:.................
perk.
See1341 of
cnapterz4a,a.s.o. EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950.
rasa.
current (i) A council may by by-law either before or after the passing of the by-law for imposing the rates for the
borrowinee current year authorize the head and treasurer to borrow from lima to time by way of promissory note such sums as
the council may deem necessary to meet, until the fazes 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 lward, 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,
bortowinae 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.
remparary (3) Until such estimates are adopted, the limitation upon borrowing prescribed by subsection 2, shall tem-
epplieatfon
of estimates porarily be calculated upon the estimated revenues of the corporation as sat forth in the estimates adopted for the
pr preeedNy next recedin
year P 9 Year.
Ezcluslon (4) Fortha purposes of subsections2and 3, estimated revenues shall not include revenues derivable orderived
'r~nu~imalad from the sale of assets, borrowings or issues of debentures or from asurpius including arrears of taxes and proceeds
from the sale of assets.