HomeMy WebLinkAbout2206A 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 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 or received on
account or realized in respect of the taxes levied for the current year and preceding Iled for such
of the moneys collected or received from any other source, which may lawfully be app
purpose. _~__
day o{... ~..:. i.-u:' r ~ :......................19. ~?i: .
ourth ..................._..................
Passed this ............:............ ;;
...... .............
Cp 5~ TE (The Heatl of the Capp ~pnJ
- .......... ...............Clerk...
...........................
-.- ~'
{ tieretiyEertify that the foregoing is a true copy of By-law No...::.:. ~.`3.......of The Corpora-
r ,
duly passed` tTa~tneeting of the Council oflthe, ~~~.~n ...................in the Province of Ontario,
tion of the ....:..:.....:... . - said Corporation duly held, and that the said
By law Is In full force and effect.
~ ,rt?~ ...........................day of........Js.~'aC:r`;`...................19..~~.
Dated this........'?L :...:..................
As witness the Seal of /~ ,.
the Corporation.
,~ ~ 1~-u ~~ ................
................. ~ Clerk.
..................................
CORPORATE
SEAL
sect.sa, a EXTRACTS FROM YHE MUNICIPAL ACT R.S.O. 1950
Chapter 20.1, RSO:
1950' (1) A councillnay by by-law either before or after the passing of the by-law for imposing the rates fort e
current surrent year authbryze the head and treasurer to borrow from time to tlme by way of promissory note such sums as
borrowings the iouneil may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation
for theyear, Inclu_dusB 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 requlred 6y law to provide. oses mentioned in subsection 1 shall not,
Limit upon (2) The amount which may be borrowed in any year for the pure
berrpwings except with the approval of the Municlpal Board, exceed 70 per cent of the total amount of the estimated revenues of
the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 341 (1, 2).
(2a) The amount which may be borrowed at any one time for the Durposes mentioned in subsection 1, toget er
royal of the Municipal
with the total of any similar borrowings that have not been repaid, shall not, except with the app
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in the
estimates adopted for the year.
(2b) At the time, after the 30th day of June in any year, that any amount is borrowed under this section, t e
naturer andhamount lof thetestimated revenues of the curve tuyearl no tyetecellect dnorawheretthe estim tes Ifor the
year have not been adopted, a statement showing the nature and amount of the estimated revenues of the corporation
as set forth in the estimates adopted for the next preceding year, and also showing the total of any amounts borrowed
under this section that have not been repaid. 1958, c. 64, s. 23 (1 ). rescribed by subsections 2 and 2a shall
Temporary (3) Until such estimates are adopted, the limitations upon borrowing p
or estimates temporarily be calculated upon the estimated revenue 1958he 64 s a23 r(2)s sot forth in the estimates adopted fort e
application
of preceding next precedln9 Year. R.S.O. 1950, c. 243, s. 341 (3);
rear (4) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
rrpm estlmatea the sale of assets, borrowings or issues of debentu19~ rc ro64m a surplus including arrears of taxes and proceeds rom
Exclusion s. 23 (3).
revenues the sale of assets. R.S.O. 1950, c. 243, s. 341 (4);
*N.B. If there is suffcient available under existing by-law(s) to provide for the fresh assistance required
a new by-law is not needed.