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HomeMy WebLinkAbout2402A 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 ~pgrpose. Passed this............2nd ...............................................d .......Jan .:. .t:'Y......j..........i9...69 ~ ~$/ / ~/ -_ CORPORATE ............yr.!.h:.Y.. Z. .~. .... ... ~.. L~.4:..:..t.r ............. aEAL ' (The d of t Corp~ratlonJ i ` -. /~~ Cf ..-G C,-. a ~ ~-- ...............c:Lr.~r:..1...........~...................................... - -~ Clerk. herellybertify that the foregoing is a true copy of By-law No.~~02.........of The Corpora- tion of the...g'ownship of Ha T],~,t),gt<RA in the Province of Ontario, ........... 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 ......................2nd ...............day of......Januar.Y......................19.. 6.9. As witness the Seal of 4he Cprporation. 7 ~,z'~ c ~~<<:,~z~-~ ................................................................................ Clerk. CORPORATE SEAL s"c'~0r - - - EXTRACTS FROM THE MUNICIPAL ACT R.S.O. 1960 chap.2as, - R.5.0.196a - ' current - ~ (1 ) A council may by by-law either before or after the passing of the by-law for imposing the rates for the norrowines current yearauthorize the head and treasurer to borrow from time to time by way of promissory note such sums as the council may deem necessary to meet, until the taxes are collected, the current expenditures of the corporation for the year, including 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 required by law to provide. Limit won (2) The amount that may be borrowed in any year for the purposes mentioned in subsection 1 shall not, norrowinas except with the approval of the Municipal Board, exceed 70 percent of the total amount of the estimated revenues of Limtt ae the corporation as set forth in the estimates adopted for the year. R.S.O. 1950, c. 243, s. 341 (7, 2). any oue (3) The amount that may be borrowed at any one time for the purposes mentioned in subsection 1, together eima. 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 the estimates adopted for the year. Treasurer 4 At the time, after the 30th da of Juna in an y to turnlan () Y y year, that an amount is borrowed under this section, the looser with treasurer shall furnish to the lender a copy of the by-law• authorizing the borrowing and a statement showing the copy or ay-iaw 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 bean repaid. 1958, c. 64, s. 23 (1 ). Temporary appl;cation (5) Until such estimates are adopted, the limitations upon borrowing prescribed by subsections 2 and 3 shall or asemates temporarily be calculated upon the estimated revenues of the corporation asset forth in the estimates adopted for the or praced;ng next recedin year P g Year. R.S.O. 1950, c. 243, s. 347 (3); 1958, c. 64, s. 23 (2). Fxcwaion (6) For the purpose of this section, estimated revenues shall not include revenues darivabte or derived from from estimated the sale of assets, borrowings or issues of debentures or from a surplus including arrears of taxes and proceeds from revenum the sale of assets. R.S.O. 1950, c. 243, s. 341 (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 by-law is not needed.