HomeMy WebLinkAbout2346A 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 borro
said Section 329, shall, withdnte~ st thereo g be a charge upon) thehwhole of the evelnues of the
Corporation for the current year and for all preceding years, as and when such revenues are
received.
borrowed pursuant to the authoe'ty of thlshB Ized and directed to apply in
and an Y law, as well as all other sums bor owed In this year
y 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 precedin
of the moneys collected or received from any other source, which may lawfully be applied for such
purpose. 9 Years and all
Passed this .............. 5th
............................... Januar
.....................day of.......................Y................
~ ...... t s.6.7..
CO SPo~RATE y
...............
(The Head of the Co ~ ~~ ~ ~ ~ ~ ~ ~"""
rpsrati°nJ
- ' ~C r ~ iJ li r.
...... .
.........................
I hereby certify that the foregoing is a true copy of B _ 2 ~-( r~a<k.
tion of the......Toianship Y law No..°•.~........•.,,.of The Corpora-
• •• • • .......of......... Darlington
duly passed at a meeting of the Council of the said Corporation duly heldP and that tohetsa'd
BY-law is in full force and effect.
Dated this .................Sth................
...........................day of_...Januar
.................................... ~ s..67.
As witness the Seal of
the Corporation.
.........................................f..
...................................
CORPORATE Gerk.
SEAL
See. 329 q
Cha°' zas, EXTRACTS FROM
R.s.o. 19a0 THE MUNICIPAL A
current (1) A council ma b b - Cr R.S.O. 1960
borrowings currant year authorize the head and tr asurereto borrowtfrom timae to 9imetb w
the council may deem necessary to meet, until the taxes are y lace for imposing the rates for the
collected the current expenditures oftiheuw sums as
for the year, including the amounts required for sinking fund, principal and interest fa ti g due within the year upon
any debt of the corporation, school purposes, special rates purposes, and for rporation
other purposes for which the corporation is required by law to provide. anY board, com
Limi[ u an (2) The amount that may be borrowed in an mtsslon or body and
borr°wln s the ~ with the approval of the Municipal Board, exceed 70 per cant of the total amount of the estimated revenues of
Limit at rporation as set forth in the estimates adopted for the year. R.S.O, gyp, c 243 se34)n(tu2 action 1 shall not,
any one (3) The amount that may be borrowed at any one time for the ur os
time. with the total of any similar borrowings that have not been repaid, shall not, except with the a
Board, exceed 70 per cent of the uncollected balance of the estimated revenues of the oorporationbas sat forth n the
!!assurer estimates adopted for the year. PProval of the Municipal
ender win treasurer)sha I fuen sh to the lenderta coy of June in an
tour of sy.law Y Year, that any amount is borrowed under this section, the
nature and amount of the estimated revenues of theyounent yearino 9yet collected or, where the estimates for the
year have not been adopted, a statement showing the nature and amount of the estimated revenuets ofathes or poratlon
as set forth in the estimates adopted for the next precedin
Temporary under this section that have not been repaid. 7958, c. 64, s. 23 (7 ),
g year, and also showing the total of any amounts borrowed
avalication tam o (6) Until such estimates are adopted, the limitations u n
of estimates p !aril ~ P P
yea. next precedin 9 Prescribed by subsections2and 3 shall
°I preceding Y be calculated u n the estimated revenues of the c~ oration as sat forth in the estimates ado tad for the
9 Year. R.S.O. 1950, c. 243, s. 341 (3); 1958, c. 64, s. 23 (2).
revenues
Exclusion (6) For the purpose of this section estimated revenues shall not include revenues derivable or derived from
trom eatimatetl the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from
the sale of assets. R.S.O. 1950, c. 243, s. 347 (4); 7958, 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.