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HomeMy WebLinkAbout2313A 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 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. ......dayof..........J.~TdJ1~~ ................ r Passed this ................5.......................................... 79...,,.E i ~l `> ji ;~~ :r CORPORATE .... J /...Jl:. ,(/ 4 L'l :.....r ..... s. t: .. gEpL - (The Head of the C/or/p~gJr/~tlon.) - ................... ... .............. 1 - - - Clark. hereby-certify that the foregoing is a true copy of By-law No.~ ~l ~........of The Corpora- ~'dB~iIP i?LI,IJGTQl~~,,,,,,,,,,,,,,,,,,,,in the Province of Ontario, #ion of tfie..-....:...5 ....................................of.....ll,: 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 .............................~....................................day of.......Jtsi.iUel:.s`~....................19....'~~.~~? As witness the Seal of the Corporation. Clerk. CORPORfyTE SEgL sx.axsa _ ExTRACTS FROM THE MUNICIPAL ACT R.S.O. 1950 ChaP•249, - - R.S.0.1960 - - (1) A ccunul may by by-law either before or after the passing of the by-law for imposing the rates for the current -. _ current year auth~`vze the head and treasurer to borrow from time to time by way of promissory note such sums as Iarrowinga -. the pouncit mgy degFn necessary to meet, until the taxes are collected, the current expenditures of the corporation Torlheygar, inclu6ing 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 puryoses for which the corporation is required by law to provide. Limit upon (2) The amount that may be borrowed in any year for the purposes mentioned in subsection 1 shall not, twrrowinge except with the approval of the Municipal 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). Limit at (3) The amount that may be borrowed at any one time for the purposes mentioned in subsection 1, together any one time. with the total of any similar borrowings that have not been repaid, shall not, except with the approval of the unicipal 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. ~re~sarer (4) At the time, after the 30th day of June in any year, that any amount is borrowed under this section, the e dar win treasurer shall furnish to the lender a copy of the by-law' authorizing the borrowing and a statement showing the copy of ey-law nature and amount of the estimated revenues of the current year not yet collected or, where the estimates for 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. 1956, c. 64, s. 23 (1 ). temporary (5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall application or estimates temporarily be calculated upon the estimated revenues of the corporation as set forth in the estimates adopted for the of preceding next preceding year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2). rear (5) For the purpose of this section, estimated revenues shall not include revenues derivable or derived from Exclusion rrom estimated the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from re~enuee the sale of assets. R.S.O. 195D, c. 243, s. 341 (4); 1958, c. 64, s. 23 (3). •N.B. If there is sufficient available under existing by-law(s) to provide for the fresh assistance required a new 6y-law is not needed.