HomeMy WebLinkAbout2252A 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 plarposesmentioned 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 years and all
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose. J-~ nua ry
Passed this ..........................2.. nd...............................day of....... ....................................19..~~.
1 `~ -~
._ ppp5 ARLATf_ ............ (Tne Hasa or the CorporetionJ
y.-. ............................
.................................................... Clark.
hereby certify that the foregoing is a true copy of By-law No...22Jr2.......of The Corpora-
..,
TO'risbIp _of..........D,i1„; ,vl0i „...,.,in the Province of Ontario,
tion of the.. -~
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.
2nd ................................day of......... January...................19...~?`k
Dated this ...................................
As witness the Seal of
the Corporation. 4 J
.......... ..... ................... Clerk.
CORPORATE
SEAL
s~t.sm of - EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950
cnapter gas. Rso. ' -- ~_- - -
tseo. ~ (1) A ceuncil,.n&y by by-law either before or after the passing of the by-law for imposing the rates for the
Current current year authorize,t#lehead and treasurer to borrow from time to time by way of promissory note such sums as
borrowings the council may deem aeoessary to meet, until the taxes are collected, the current expenditures of the corporation
_ anytdebt of~thel corpora en,nschoolrpurposes~spec atl aatesdpurposesaland for anyt bolard9 commissiont or bodyuand
other purposes for whichlhe corporation is required by law to provide.
Limit upon (2) The amouniwhich may be borrowed in any year for the purposes mentioned in subsection 1 shall not,
borrowings except with the approval of the Municipal Board, exceed 70 par cenfiof 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 purposes mentioned in subsection 1, together
Boardh exeeeld 70 p rtcent of the uncollected balance of the estimated Ireve ues of hehcorporaPion as set folrth in he
estimates adopted for the year.
(26) At the time, after the 30th day of June in any Year, that any amount is borrowed under this section, the
naturerandhamount iof thetestimated revenues of the current year No 9yetecollect dnorawhere the 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 ).
Temporary (3) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 2a shall
application
of estimates temporarily be calculated upon the estimated revenue 1968hc c64P s a23 (2a)s' set forth in the estimates adopted fort e
of preceding next preceding year. R.S.O. 1950, c. 243, s. 341 (3);
year (4) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from
Exclusion
from estimated the sale of assets, borrowings or issues of debentu1958,rc.r64, s. 23 (3)3 including arrears of taxes and proceeds rom
revenues the sale of assets. R.S.O. 1950, 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.