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HomeMy WebLinkAbout2288A 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 329, 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 329, together with interest thereon, all of the moneys hereafter collected or ears and all account or realized in respect of the taxes levied for the current year and preceding y of the moneys collected or received from any other source, which may lawfully be applied for such purpose. January .............. 19.6.5 ..... day of Passed this ...............:.............................. / ~/ ~/~ ~ ~`~~ ~: CORPORATE (The Head or the Corpora onJ SEAL ~ Ca ~ - L'e_ ......................................... ....Clerk... of The Corpora- l hereby certify thatthe foregoing is a true copy of By-law No...~.~'8....... Tpwnshi . • ..............of......Darlington....,...,_._.,,....in the Province of Ontario, tion of the .................... k?..... . 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. danuar ......................19.5... ............................day of.......................~r Dated this..........7th .................... As witness the Seal of the Gorperation. ~• ' _ ........................ Clerk. CORPORATE SEAL _- sac a2sor ! - ~_ EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960 Chap. 249, -. - -, - Rs.o.tseo _ -(}}--A cAUnciLtoay by by-law either before or after the passing of the by-law for imposing the rates for the current curredY,year aufho[+za the head and treasurer to borrow from time to ttme by way of promissory note such sums as borrowinpe the ceuncll may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation anytdebt of~thel corporation,nsch olrpurposes~spec al 9atesdpurposesaland for any bola d9 commission or bodyuand other purposes for vrhwh the corporation is required by law to provide. (2) The am oval of the Munbicipal Beard, exceed 70 per cent of theotal amount of thesestimat d revenules of Limit upon excep{ with the app the corporation as set forth in the estimates adopted for the yoar. R.S.O. 1950, c. 243, s. 341 1, borrowinpe Limit at (3) The amount that may be borrowed at any one time far the purposes mentioned in subsection i, together any one with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the Municipal Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the corporation as set forth in t e lima. estimates adopted for the year. treasurer treasu rer)shall furnish to the lend3e~r adcopY of the by-law" authoraimg the bortrowing andea statement Nowt ng the to furnish lender wdh copy of By-law Year have not beentadopted~alstatement showing the naturre and amount of hel estim tad avenues of theacorporation 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 ). Temporary (5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall or eshmatae temporarily ba calculated upon the cst243 tsa341 e(3)e 1958h c. 64P sra23 ~2j, set forth in the estimates adopted fort e application nr preceainp next preceding year. R.S.O. 1950, year (5) For the purpose of this section, estimated revenues shall not includo revenues derivable or derived from from estimated the sale of assets, borrowings or issues of debentu195~orc roam s 23 (3js including arrears of taxes and proceeds tom Exclusion revenues the sale of assets. R.S.O. 1900, c. 243, s. 341 (4), "N.B. If there is sufficient available under existing by-law(s) to provide for the fresh assistance required a new by-law is not needed.